Personal Finance

What is the first step in a spending Plan? Track income and expenses
Which of the following would be considered a non-contractual expense? Food
Spending plans are complete when you have done what? The are never complete
Which of the following is not true about spending plans? Spending Plans are not included in budgets
If your expenses exceed your income you shoud decrease expenses
The main difference between Credit Unions and Banks are Banks are for profit and Credit Unions are non-profit
The FDIC and the NCUA are types of Insurance
When researching depository institution it is important to do what? Shop around for high interests rates on checking accounts
What is the most effective way to access checking account funds? Apply for debit card
Common fees that may be charged by a depository institution include all except late fees
When you have spent more money than you have overdraft fee
Which of the following is a payroll tax? Social Security
When you purchase an item in a store you will be charged? Sales tax
Medicare is designed to help Senior citizens
Taxes on your house, automobile and land Property Tax
Which is not true about property taxes Property taxes is set by the federal government
Taxes that are charged on consumption items such as gasoline and hotel rooms Excise taxes
When you are paid less than what you expect on your paycheck payroll and income taxes
Which is not considered an asset? Money the paycheck you will receive next week
To calculate net worth use this formula Assets-liabilities=net worth
Which of the following is wealthier The one with the higher net worth
Mr. Boyd is writing down liabilities which includes balance on Credit card
To increase his net worth, Mr. Craft should Increase his assets
Which of the following is consider contractual expenses Cell phone bill
Considered an expense Clothing for a job interview
What should you do with a net gain on a spending plan Put it into savings
Which of the following is Not considered to be an element of managing your money Job Interview

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