personal finance
how long can the IRS wait before announcing an audit of your tax return
6 years
which of the following will make the biggest impact on your long term financial goals
a change in your living budget and a change indoor income
which of the following is not a permissible use of a credit report
a creator looking to check any previous judgements against you after they have already given you a loan
what makes a project budget different from a living budget
a projects budget is only for a specific period of time
what is a spending plan vs a budget plan
a spending plan is when you plan out your financial future and the careful balance you make between your spending and savings is the key to building up wealth over time. A budget is what you stick to today your bills. A spending plan is what you can pay after your bills
which of the following items would negatively impact your credit score
an agency requesting to see your credit report
what is an inflation rate
an inflation rate is used to adjust amounts subject to annual increases. These amounts include rent, insurance and tax payments. From 1925 though 2014 the CPI has a long term average of 3.0% annually over the last 40 years highest CPI recorded was 13.5 % in 1980
what is the most common method of interest calculation
average daily balance
which business would likely only accept credit card
car rental
which type of balance typically carries the highest interest rate
cash advances
what are charities and donations
charitable donations often present the primary source of funding for many charitable organizations and non profit organizations
which of the following is an advantage credit cards have over debit
fewer transaction limits
if you are a regular employee of a company what form will your employer give you to show your income taxes withheld
form W-2
which condition disqualies a person from using form 1040-E2
income reported using form 1099; interest income of 2000; children to claim as dependents
which of the following is prohibited under the CARD act
increasing you intrest rate within 1 year of opening your credit card
what are fixed expenses
is an expense that will be the same total amount regardless of changes in the amount of sales production or some other activity
what is a FICA
it is a federal insurance contributions act tax; this is a US federal pay role ta imposed on both employees and employers to fund social security and medicare. It is based on the gross income on your paycheck
what is a discretionary income
it is the income remaining after deduction of taxes other mandatory charges and expenditure on necessary items
what is compound interest
it separates the piggy bank savers from the warren buffets; making use of an interest compounding is how your saving grow
what is a gross pay, and a net pay
net pay is the amount of money you actually receive each pay period. Net pay is equal to gross pay minus all deductions such as: income taxes, social security.
how often can you see your credit report for free
once per year
which of the following is best suited for a project budget
planning to buy a new car
what is the slates tax in san Bernadino and LA
san ber= 8%, LA is =8.75%
what is simple interest
simple interest is a quick method of calculating the interest change on a loan. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days the elapse between payments
what is a trade allowance
the total amount that you are given for any automobile that you trade-in as part f this purchase. In some states a trade in can also reduce the amount of sales tax you will owe
what are variable expenses
their are two kinds of variable expenses: there are variable needs and wants. Variable needs are expenses that are important but may not have them every month, this includes extra money. variable wants are your expenses that come more "spur of the moment "
why would a lender want to see your credit report
to asses how likely you are to pay them back
what is an initial investment
total principal paid per month on your mortgage
what type of expenses is holiday shopping for gifts
variable needs
how do you calculate compound interest
you take the investment amount, interest rate and year
how can you budget your variable wants
your account reconciliation from last month showing how much you usually spend
which of the following is not included in your credit report
your credit score