Personal Finance

You must file an income tax return for your annual earnings by _____________of the following year.

April 15

As you create your financial plan, take into account your irregular forms of income. True or False

False

One of the benefits of volunteering is that you can put the experience on your résumé. True or False

True

When setting your financial goals, make sure they are specific, _____________, and realistic.

measurable

If you get a substantial pay raise, you might pay a higher ______________________________of your earnings in income tax.

percentage

__________________your goals is a way of determining which ones you should focus on immediately.

prioritizing

People who have worked at some time in their lives may collect retirement benefits from the federal government's income tax program. True or False

False

When banking online, you will have to enter your username and Social Security number at the login page. True or False

False

You can use a spending log to figure out how much you spend in various categories. True or False

False

Your bank will occasionally send you e-mail requests to update your personal and financial information. True or False

False

Your taxable income is based on your gross pay minus deductions. True or False

False

____________is a way you can put your values into action by donating to a cause you believe in.

Sharing

If you are single and do not itemize deductions, you will probably want to file which tax form at the end of the year? a. Form 1040EZ b. Form W-4 c. Form 1040 d. Form W-2

a. Form 1040EZ

Most people who contribute their time, money, and talents start ____________in life.

early

If your net income is $110.00 per week, and you want to put 50 percent of your earnings into your checking account, 25 percent into your savings account, and 25 percent into your sharing account, what are the dollar amounts you would put into each account? a. $55.00 in checking, $27.50 in savings, and $27.50 in sharing b. $55.00 in checking, $25.00 in savings, and $25.00 in sharing c. $50.00 in checking, $27.50 in savings, and $27.50 in sharing d. $50.00 in checking, $25.00 in savings, and $25.00 in sharing

a. $55.00 in checking, $27.50 in savings, and $27.50 in sharing

Which tax must be paid by everyone who works? a. Social Security tax b. none of the above c. property tax d. sales tax

a. Social Security tax

Which of the following is a benefit of using computer-based money management systems? a. You can manage all your accounts in one software program. b. You don't need to update electronic records as often as you have to update paper records. c. all of the above d. You won't need to keep hard-copy records.

a. You can manage all your accounts in one software program.

Being a philanthropist requires which of the following? a. altruism b. going online c. owning a business d. wealth

a. altruism

If you have fulfilled your short-term goal of purchasing a new air conditioner for your parents by saving $45 every month, you might want to _____________your financial plan by putting the $45 into your sharing account to donate to your church and the local animal shelter.

adjust

Your budget should reflect the three Select one: a. S's: simple, specific, and smart. b. R's: reality, responsibility, and restraint. c. S's: share, save, spend. d. R's: realistic and responsible record keeping.

b. R's: reality, responsibility, and restraint.

Which of the following is not a step in setting up a financial plan? Select one: a. Set and prioritize short- and long-term goals. b. Set up a budget that reflects your values. c. Create a complex record-keeping system that reflects your goals. d. Organize your financial documents.

c. Create a complex record-keeping system that reflects your goals.

A good way to manage your money to reflect your values is to use the a. Specific Measurable Realistic system. b. Specific Measurable Responsible system. c. Share Save Spend system. d. Share Smart Save system.

c. Share Save Spend system.

If your net income is $530.00 per week, and you want to put 50 percent of your earnings into your checking account, 25 percent into your savings account, and 25 percent into your sharing account, what are the total dollar amounts you would have in each account after four weeks? Select one: a. $2120.00 in checking, $530.00 in savings, and $530.00 in sharing b. $1060.00 in checking, $132.50 in savings, and $132.50 in sharing c. $2120.00 in checking, $265.00 in savings, and $265.00 in sharing d. $1060.00 in checking, $530.00 in savings, and $530.00 in sharing

d. $1060.00 in checking, $530.00 in savings, and $530.00 in sharing

Which of the following is a type of sharing? a. charitable giving b. philanthropy c. altruism d. all of the above

d. all of the above

What is service-learning? a. investing money in a charitable club b. combining community service with a monetary investment c. organizing a community trash pick-up d. combining community service with your studies

d. combining community service with your studies

If you have $113.69 in your checking account, and you spend $115.44, you will be charged a(n) a. deduction. b. interest fee. c. late fee. d. overdraft fee.

d. overdraft fee.

Which of the following is not an example of sharing? a. putting aside money for a trip with your friends to help build homes after a natural disaster b. donating food to a local food bank c. volunteering at a senior citizen center d. putting aside money for a trip with your friends to see an art exhibit honoring people with AIDS

d. putting aside money for a trip with your friends to see an art exhibit honoring people with AIDS

Form W-2 reflects the total amount your employer has a. deducted from your earnings for your pension plan and health insurance. b. withheld from your earnings and will send to the government by April 15. c. deducted from your adjusted gross income to figure your taxable income. d. withheld from your gross pay in taxes and sent to the government.

d. withheld from your gross pay in taxes and sent to the government.

Bank statements, receipts, insurance policies, invoices, paycheck stubs, and spreadsheets are part of your ______________.

financial records

Teens might be better able to give ____________ rather than money to causes in which they believe.

time

Purchasing a reliable car to get to work fulfills a need; purchasing a convertible fulfills a(n) _______________.

want

Which of the following describes an effective filing system? Select one: a. logical b. easy to access c. easy to use d. all of the above

d. all of the above

The first step in meeting your financial goals is to identify them. True or False

True

You can ask people you trust about how their values influenced their financial decisions. True or False

True

You will need to use your Form W-2 to file your income tax return. True or False

True