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WorksheetsWise Test Review
Total questions: 38
Worksheet time: 14mins
A financial/investment ______ is a personal blueprint or road map.
outline
plan
statement
advisor
Choose the word that best completes the sentence below. A _________ is an aim or purpose.
goal setting
goal
short-term goal
mid-term goal
What does the S in SMART stand for?
Sarcastic - a goal must say one thing and mean another.
Simple - a goal must be easy.
Sample - a goal must be typical.
Specific - a goal must be focused.
What does the M in SMART stand for?
Maximum - there are no limits for goals
Memorable - a goal must be easily remembered
Measurable - a goal must have some kind of number attached so you have a way to know if you are reaching the goal.
Mental - you have to be able to think about the goal.
What does the A in SMART stand for?
Attainable - a goal must be reachable; you CAN do it.
Admirable - a goal must impress people.
Artistic - a goal must be creative.
Academic - a goal must be scholarly and oriented towards learning.
What does the R in SMART stand for?
Responsible -a goal must allow you to take charge.
Realistic - a goal must be realistic in how long it will take and the steps taken to achieve it.
Respectful - a goal must allow you to be kind and polite.
Repeatable - you must be able to do the goal over and over again.
What does the T in SMART stand for?
Time-bound - the goal must be reached within a specific length of time.
Thoughtful - a goal must take into account the feelings of others.
Transferable - a goal should be able to be shared with other people.
Trust-worthy - a goal should be worthy.
What does PYF stand for?
Prepare your Future
Pay Your Friends
Pay Yourself First
Pay Your Finances
Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and
Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet.
He selected the Ford because he liked the interior a little better. What was his opportunity
cost?
Ford
Chevrolet
Toyota
Ram
A general rise in overall prices is called:
Deflation
Inflation
Consumer Price Index
Federal Reserve
In bankruptcy, what does the term liquidation mean?
Liquidation is the process of getting bankruptcy approved
Liquidation is the process of ice turning into water
Liquidation is when a company sells products to make a profit
Liquidation is when a business sells all of its assets and uses the money to pay some or all of its debts
Which form of bankruptcy is the most common?
Chapter 7
Chapter 11
Chapter 13
Chapter 10001011100101
Which form of bankruptcy involves liquidation of assets
Chapter 7
Chapter 11
Chapter 13
I forgot what liquidation means
Bankruptcy while continuing their day-to-day activities
Liquidation
Claims
Chapter 11
Chapter 7
Broken up companies have to sell their assets
Claims
Chapter 7
Bankruptcy
Liquidation
What is the purpose of bankruptcy?
To take everything a person owns
bankruptcy prevents a person from ever having debt again
Bankruptcy allows a person to have a fresh start and a way to get out of debt
bankruptcy ensures the banks get all their money
Which form of bankruptcy is designed to allow a PERSON to "reorganize" their debt and develop a payment plan?
Chapter 7
Chapter 11
Chapter 13
All of them
Which form of bankruptcy allows a person or business to discharge (get rid of) their debt?
Chapter 7
Chapter 13
Chapter 11
Huh?
This bankruptcy is often referred to as Corporate bankruptcy because it is mainly used businesses
Chapter 7
Chapter 11
Chapter 13
In what situation would a person file for bankruptcy?
They are totally unable to pay all of their debts
Paying their debts would require them to live a lesser lifestyle
They want to make lots of money in the future
They have no hope of ever having a job
What type of pay have you earned before deductions ?
Net Pay
IOU
Gross Pay
Regular
Net Pay is Gross Pay - All Deductions ?
False
True
What are Taxes?
A Sum of money that the Federal government pays its citizens for good behavior.
A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot.
A Sum of Money that the Federal Government charges its citizens to clean up their messes.
A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services.
A document that states the amount of money earned and taxes paid throughout the previous year.
W2
W4
YTD
deductions
Jamie has elected to be paid by direct deposit at her new job. This means _____.
She will receive her paycheck mailed directly to her each pay period.
She will receive her pay directly into her checking account at her depository institution for each pay period.
She will receive her pay automatically loaded onto her payroll card at the end of each pay period.
She will receive her paycheck delivered directly to her at her place of employment at the end ofeach pay period.
Ally learned in her Personal Finance class that some paycheck deductions are required and others are optional. She is checking over her paystub and sees several deductions. Which of the following would beTRUE?
Federal Income Tax, State Income Tax, Social Security and Medicare deductions are all required deductions.
Federal Income Tax, State Income Tax, Workers Compensation, and Life Insurance are all required deductions.
Social Security, Medicare, Life Insurance, and Health Insurance are all required deductions
Social Security, Medicare, Federal Income Tax, and Workers Compensation are all required deductions.
Stacey is starting her new job at Hats‐n‐More. In order for her manager to know how much to withhold in federal taxes, Stacey has to fill out which form?
W2
I9
W4
1040ez
A fee that a salesperson receives upon completion of a sale
Payroll tax
Income tax
Commission
Tax liability
A person who relies on the taxpayer for financial support
Dependent
Employment
Independent
Employee
Employers may offer these in the form of products or services that add extra value for employees beyond earned wages
Social Security
Employer Contributions
Payroll Tax
Employee Benefits
Taxes paid to federal, state and local governments on the amount of money earned
tax liability
Income tax
payroll tax
medicare
A federal program whose main purpose is to help pay for health care for those over 65
Social Security
worker's compensation
Medicare
Unemployment insurance
A federal government program that funds retirement accounts, financially supports citizens who have experienced profound disability, the premature death of a parent (if under the age of 18), or the premature death of a spouse in a family with children
Social Security
Worker's compensation
unemployment insurance
Medicare
A source of income for workers who have lost their jobs through no fault of their own
workers' compensation
pay period
Unemployment insurance
social security
A state‐sponsored system that pays monetary benefits to workers who become injured or disabled on the job
unemployment insurance
social security
Workers' compensation
medicare
