fbla personal finance

Retirement planning should ideally begin...

• a few years before retirement

• when all debts are paid off

• when kids go off to college

• when the first paycheck is received

The practice of pressuring consumers to buy more expensive product than what they had intended is called:

• jumping prices

• trading up

• misrepersentation

• inflating prices

A type of financial fraudin which people pay to join an organization in exchange for the right to sell memberships to others is called a

• square scheme

• pyramid scheme

• geometric scheme

• circle scheme

On-the-job training is an example of:

• formal education

• natural education

• informal education

• self-education

If an hourly worker makes $15.00 per hour and earns time and a half for overtime, how much is the per hour pay for overtime if the employee works 40 regular hours and 6 overtime hours ?

• $25.00

• $22.50

• $735.00

• $135.00

Taxable income is used to compute:

• exemptions

• capital gains

• income tax

• deductions

the purpose of is form W-4 is to...

• allow the employee to participate in a tax-deferred savings plan

• document a refund or figure a balance due to the IRS each year

• allow the employer to withhold federal income taxes from an employee's wages

• itemize how much money was earned by an employee and how much was withheld and sent to the IRS

When preparing a budget, you need to focus mostly on your:

• net income

• gross income

• disposable income

• taxable income

A person's ___ is a measure of the amount of money coming in versus the amount going out.

• cash flow

• allowance

• income statement

• debt ratio

Which one of the following would be a monthly fixed expense for budgeting purposes?

• magazine subscription

• electricity bill

• rent

• gifts