Financial Planning

This is an example of a "Financial Goal"

• Graduating from college

• Becoming a teacher

• Learning to play an instrument

• Purchasing a new home

Choose the "Unexpected Expense"

• Groceries each week

• Storm damage repairs

• School clothes

• Netflix subscription bill

What does a person's will list?

• Financial goals

• Types of insurance they have

• Retirement plans

• Financial plan upon death

What is "Earned Income"?

• A birthday gift

• Winning the lottery

• Unemployment compensation

• Salary

How do taxes affect your financial plans?

• They create higher interest rates

• They affect how much money you actually have to spend

• They make your saving account increase

• They affect the GDP

What are Social Security taxes used for?

• Building schools

• Unemployment compensation

• Income for retired and disabled people

• Transfer payment

What is a tax bracket?

• The rate at which income is taxed

• The rate of sales tax in a state

• The form used to file taxes

• The way taxes are calculated

What type of information is included on a 1040 form?

• Your financial projection

• A list of all expenses

• Gross and net income from last year

• Your bank statement from last year

Choose the "Fixed Expense".

• Mortgage payment

• Groceries

• Electric bill

• Clothing

What is true about "Needs"?

• They are items such as an expensive vehicle

• They are also called "Non-discretionary" expenses

• They are also called "Discretionary" expenses

• They are usually fun to pay for