Sylas is studying financial planning in one of his classes. His teacher has assigned him to create a timeline of his financial future. Where should the end of his financial planning timeline be set?

Which of the following is likely to have the least influence on an individual’s values?

Mark and Susan, a recently married couple with full‐time jobs, set a goal of putting $200 in savings every month to make a down payment on a home in five years. What type of goal have they set?

Carter wants to participate in an activity that will improve his well-being. Which activity would contribute the most to his well-being?

Jacob is wondering how he can improve his intellectual well-being. Which would contribute the most to his intellectual well-being?

Which of the following factors is not influenced by values?

Erica wants her class project to reflect her values. Which items would be best to include?

Jenna wants to improve her financial well-being. Which would contribute the most to her financial well-being?

Kaylee will save her allowance of $25 per month to purchase a $150 MP3 player in six months. This is an example of what type of goal?

Megan’s mother suggested that she was experiencing the consequences of her trade-off regarding a decision she made to purchase a dress for prom. Which situation does Megan most likely find herself in for her mother to have made this comment?

Which statement about our interactions with money is not considered to be true?

One element of a financial goal is missing in this example. “I will save $150 each month to go on a vacation in one year.” Which one is it?

Ian has been shopping for a different vehicle for the past several months. He needs something reliable and would really like something with a nice sound system. He and his parents have talked about how much he can afford and he plans to stay within the price guidelines he and his family have set. Ian was analyzing the opportunity cost of a trade-off regarding which car to purchase. Which situation best represents what he might be thinking through?

Amber’s academic adviser has asked her to set 3 academic goals for this semester. These goals are most likely to be accomplished if:

Whitney is shopping with her mom and they are deciding on clothing to purchase. Which scenario best represents the purchase of a need?

Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:

David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a/an:

A key difference between commercial banks and credit unions is that:

Austin has just received his first paycheck. He worked 22 hours at his new job and is being paid $8.00 per hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that Austin’s pay is less than he expected it to be?

Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she not need to include for this statement?

Who is Medicare designed to help?

When is your spending plan complete?

Which would most likely be considered a contractual expense?

Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he not list as an asset?

Which formula should Jordyn use to calculate her net worth?

Samantha wants to be able to use funds in her checking account but finds going to the bank to withdraw cash to be inconvenient. She would like a more effective way to access her checking account funds. What would you suggest she do?

Dane is researching the topic of property taxes for a presentation he is doing in his Personal Finance class. He has come across the following statements he is considering adding to his presentation. Which should he exclude from his presentation because it is not correct?

Sanjay is concerned about the safety of the money in his savings account. Which type of depository institution should he choose?

Which statement is not true about property taxes?

Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?

Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?

Savings tools offered by depository institutions may earn interest. Which of the following statements is NOT true about interest?

Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his noncontractual expenses. Which of his expenses best fit that category?

To increase his net worth, Jackson could:

Common fees that may be charged by a depository institution include all of these except which one?

If expenses were to exceed income on a spending plan, what would be a financially smart solution?

Ariel is saving money to purchase a new computer before she leaves for college in two years. She wants to open a special account at a depository institution to keep her saved money safe. What would be the best advice for Ariel?

Which statement is true about payroll taxes?