WorksheetsPersonal Finance Unit 3 Financial Planning Quiz Review
Total questions: 20
Worksheet time: 10mins
How might taxes have an impact on your financial plan?
Taxes control the rate of inflation
Taxes control how much of your income you keep
Taxes don't apply to money you add to your financial reserve
Taxes impact how high interest rates are
Which of the following will affect the amount of net pay you earn on your paycheck?
Rent expense
Car insurance
House payment
State income tax
What is a tax bracket?
The rate of sales tax in a state
The rate at which income is taxed
The way the government calculates tax returns
A comparison between Federal and State taxes
What is a Financial Reserve?
A plan for what you'll do with your money
An amount of money that's been set aside for short-term goals
An amount of money that's been set aside for emergencies
A way of organizing finances to set and meet goals
Which of the following is a variable expense?
Netflix subscription
Groceries
Rent on an apartment
Car payment
What tax applies to investments and other personal property?
Sales tax
Excise tax
IRS tax
Capital gains tax
What does a person's will list?
What should happen to their finances after they die
What their plan for retirement is
What types of insurance they have
What their current financial goals are
What is financial responsibility?
Paying for video games and entertainment with cash
Making sure you get a pay stub with your paycheck
Being responsible about the way you spend your money
Going to dinner with your parents and offering to pay
The size of an iPod would be what aspect of the product?
Asset
Benefit
Feature
Quality
Which of the following is an unexpected expense?
Utility bill
Groceries each month
Car repairs
Phone bill
Which of the following is NOT a discretionary expense?
Rent
Gym membership
Entertainment
Vacation
Which of the following is a financial goal?
Graduating from high school
Becoming a teacher
Learning to play basketball
Buying a car
Transaction taxes and Excise taxes are two types of ______________ taxes.
City taxes
Sales taxes
Federal taxes
State taxes
Which of the following is an example of earned income?
Transfer payments
Wages
Investments
Gifts
What are Social Security taxes used for?
Building schools and playgrounds
Unemployment
Income for retired and disabled people
Medical benefits for people ages 65 and over
What type of information is required on a 1040EZ form?
A financial projection for the next year
A list of each purchase made in the previous year
Your gross and net income for the previous year
Your bank statements from the previous year
Which of the following is true about wants?
They include items such as food and shelter
They are non-discretionary expenses
They are discretionary expenses
They are usually essential
Which of the following is a benefit of an iPod?
The number of songs it holds
How small it is
How long the battery lasts
How it allows the purchaser to listen to music anywhere
Which example is a fixed expense?
electricity
entertainment
car payment
groceries
Which of the following is a short-term financial goal?
Saving for retirement
Saving for college
Buying a house
Buying the new video game you want
