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Wise Certification Study Guide With 100% Correct Answers | Verified
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Wise Certification Study Guide With 100% Correct Answers | Verified
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Wise Certification Study Guide With100% Correct Answers | Verified
Needs CORRECT ANSWERS things that are required in order to live
Wants CORRECT ANSWERS things a person desires but can live without
To-Be Goals CORRECT ANSWERS related to personality and character
To-Do Goals CORRECT ANSWERS goals that contain things you might want to
accomplish in your life
To-Have Goals CORRECT ANSWERS easily identified goals that continually change
Short term goals CORRECT ANSWERS goals that can be accomplished within three
months to a year.
medium term goals CORRECT ANSWERS things you expect to achieve in the next two
to five years
long term goals CORRECT ANSWERS a goal that you plan to reach over an extended
period of time
trade off CORRECT ANSWERS the choice you give up when you make one choice
over another
opportunity cost CORRECT ANSWERS the value of the option you gave up
systematic decision making CORRECT ANSWERS 1. define the decision to be made
2. explore all alternatives
3. choose best alternative
4. act on decision
5. evaluate the solution or decision
recession CORRECT ANSWERS a period of slow or no economic growth
inflation CORRECT ANSWERS period of rapidly increasing prices
budget CORRECT ANSWERS A plan for making and spending money
fixed expenses CORRECT ANSWERS Costs that do not change from month to month
variable expenses CORRECT ANSWERS expenses that change from month to month
, income CORRECT ANSWERS any form of money received
emergency fund CORRECT ANSWERS 8-10 months of saved money that is easily
accessible
new worth CORRECT ANSWERS difference between what is owned and what is owed
how to find net worth CORRECT ANSWERS assets - liability = net worth
Cash Flow Statement CORRECT ANSWERS A summary that shows total income and
spending for a given time period
family life cycle CORRECT ANSWERS 1. Beginning Stage
2. Expanding Stage
3. Developing Stage
4. Launching Stage
5. Aging Stage
earned income CORRECT ANSWERS Any income that is generated by working
unearned income CORRECT ANSWERS Income received from sources other than
employment
how to calculate wadges CORRECT ANSWERS hourly rate x number of hours worked
= gross income
what counts as overtime CORRECT ANSWERS when you work over 40 hours a week
calculate overtime pay CORRECT ANSWERS 1.5 x your hourly rate
tax return CORRECT ANSWERS a report containing information used to calculate
taxes owed by the taxpayer
who needs to file taxes? CORRECT ANSWERS any working person
What is the most common form for taxes? CORRECT ANSWERS 1040EZ
government spending CORRECT ANSWERS spending by all levels of government on
final goods and services
(gov) mandatory spending CORRECT ANSWERS pays for medicare and medicade
(gov) discretionary CORRECT ANSWERS anything else they want to spend their
money on
direct tax CORRECT ANSWERS a tax an individual pays directly to the government
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