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43 Cards in this Set
- Front
- Back
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Chapter 1&2 which of the following is NOT an asset you might find on a personal balance sheet. |
inventory |
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Persons property , car and furniture is called |
household assets |
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when a person owns corporate stocks, government or corporate bonds, or mutual funds, these are called |
investment assets |
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balance sheet assets should be valued at |
fair market value |
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bills that are to be paid off within a year are called |
current liabilities |
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student loans,car loans and housing loans are good examples of |
long-term liabilities |
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The diffference between assets and liabilities is called |
net worth |
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another term for ur wealth calculated by deducting money that you owe from the value of the things you own is |
net worth |
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a personal balance sheet presents |
items owned and amount owed |
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a personal balance sheet summarizes |
assets,liabilities and net worth |
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Chapter 3 an ordinary annuity can be defined as |
a series of equal payments at the end of each period |
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which of the following is NOT an annuity |
monthly utility bills |
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the process of obtaining ___ values is referred to as compounding |
future |
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the accumulation of interest over time is called |
compounding |
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which of the following is not an example of a future value |
the balance in your checking account today |
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the process of obtaining ___ values is referred to as discounting |
present |
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future and present values are dependent upon all of the following EXCEPT |
annual income |
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the future value of your saving and debt affect all EXCEPT |
marketing management |
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present and future values concepts are applied to which of the following decisions EXCEPT |
annual cash inflows |
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present and future values concepts are NOT applied to which of the following |
the balance of your checking account today |
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as the time period until reciept increases, the present value of an amount at a fixed interest rate |
decreases |
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Chapter 4 the standard deduction (assuming you are not over 65 or blind) is largest for |
married filing jointly |
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the standard deduction is smallest for |
single filers, assuming under age 65 |
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which of the following is not a legitimate itemized deduction |
interest paid on credit cards |
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__ are specific expenses instead of a standard amount that reduce adjusted gross income |
itemized deductions |
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an expense that could be included in the itemized deductions of a taxpayer is |
real estate property taxes |
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purchasing which of the following items on credit will help reduce your tax bill |
home |
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you should claim itemized deductions if |
itemized deductions exceed the standard deductions |
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the knowledge of tax laws can help |
protect the transfer of your wealth at ur death conserve your income enhance your investments |
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a branch of U.S Treasury Department called the __ administers the federal tax system |
Internal Revenue Service |
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FICA taxes include 2 components which consist of |
retirement and medicare contributions |
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ax form is generally used by taxpayers whose filing status is married, has no dependents and whose taxable income if less than 100,000 |
1040 |
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Chapter 5-7 which of the following is NOT true regarding certificates of deposit(CDs) |
all banks offer the same rates on CDs |
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sThe __ is the return on an investment that is guarenteed for a specified period |
risk-free rate |
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in saving or investing the __ the risk, the __ the return |
higher, higher & lower,lower |
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___ management is a series of decisions made over a short term period regarding cash inflows and outflows |
Money |
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Your ability to cover any short-term cash deficiencies is called |
liquidity |
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a disadvantage of using credit as a source of liquidity is the |
potential cost of finance charges |
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in general the more liquid an investment is the ___ the return you will recieve |
lower |
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the ability to save funds is __ when credit payments are |
reduced , large increased, small |
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the impact of credits __saving and __spending |
decreases, increases |
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improper use of credits may |
make it necessary to file for bankruptcy |
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the cost of using credit may result in __ spending and __ debt |
excessive, increased |
