Personal Finance Review

Which of the following are things good financial planning skills can help you do?

• Plan for retirement

• Make choices about how to spend money responsibly

• Purchase items at low prices

• Use credit cards for luxury vacations

Does this picture represent a consumer (someone who buys or trades) or a producer (someone who makes goods available)?

• Consumer

• Producer

Does this picture represent a consumer (someone who buys or trades) or a producer (someone who makes goods available)?

• Consumer

• Producer

Match the functions of money with their simplified definitions.

• To put a price tag on items

• Store of Value

• To make transactions

• Medium of Exchange

• To save money

• Unit of Account

Which goals are personal goals?

• Working a summer job to save for college

• Starting a workout routine

• Reading 3 books over the summer

• Getting a job to save money for a car

• Reducing your spending to increase the amount of money you have in your savings account

Which goals are financial goals?

• Working a summer job to save for college

• Starting a workout routine

• Reading 3 books over the summer

• Getting a job to save money for a car

• Reducing your spending to increase the amount of money you have in your savings account

Match the taxes with their correct definitions.

• taxes paid to the federal government

• Local taxes

• taxes paid to the local community

• Federal income taxes

• taxes paid to the state government

• State taxes

Match the following tax with what type of tax it is.

• Federal tax

• Sales tax

• State tax

• Social Security

• Local tax

• Property tax

Describe in one sentence what the big, bad IRS does!

Which expenses are a fixed expense (same month to month)?

• Water bill

• Car payment

• Electricity

• Rent

• Groceries