Which of the following tables should she use? All of the following are types of nontaxable income except. Which of the following would increase your liquid assets? What table would you use to calculate the value of this contract in today's dollars? If your income exceeds the amount you spend, you should ________ your investments or ________ loans. Which of the following is not an asset you might find on a personal balance sheet? George is 65 years old. An action plan C. A written report, no less than 2500 words, not including the charts and calculations D. A balance sheet 3. Which of the following is not a tax credit mentioned in the chapter? If you have a salary of $30,000, an IRA deduction of $2,000, a standard deduction of $4,400, and a FICA rate of 7.65 percent, how much did you pay in FICA this year? What common tax-saving methods are available to most individuals and households? Your ability to access funds to cover any short-term cash deficiencies is your ________. Recommend three financial goals and related activities for someone in each of the following circumstances: a. Many individuals tend to ________ their cash inflows and ________ their outflows. Yogi Berra Jr. has agreed to play for the New York Mets for $4 million per year for the next 10 years. Personal financial planning is the process of planning your spending, financing, and investing in order to optimize your financial situation. Bill's annual savings rate is 9%. Personal Finance Planning Process Chapter Exam Take this practice test to check your existing knowledge of the course material. A budget will not do which of the following? inflation reduces the purchasing power of money, thus reduces savings, Rate of return, inflation, taxes, liquidity, safety, personal- loss of life, loss of income, or unemployment. What are long-term effects of low savings for both individuals and the economy of a country? Nancy is considering the purchase of a new car, but also is very determined to save at least 50% of any budget surplus each month. Which one of the following is a liquid asset? A(n) ________ is a forecast of your future cash inflows and outflows. Which of the following decisions would involve the use of the future value of a $1 ordinary annuity table? Corporations issue stocks for all of the following reasons except. what are the four methods of managing risks? Margaret also has a credit card debt of $15,000. How do personal and economic factors affect the operation of the financial system and personal financial decisions? What is the difference between your marginal tax rate and your average tax rate? Assuming the worker works and 8-hour day, has a total tax rate of 70%, an d receives a 5% contribution from his employer to his 401(k), what is the worker's total opportunity cost? Which of the following is not taxable for income tax purposes? She also has the following monthly expenses: Rent, $750; student loan payment, $200; utilities, $150; food, $300; recreation, $600; car expenses, $200; clothing, $150. What actions might a person take to identify alternatives when making a financial decision? Jerry has assets of $200,000, a net worth of $150,000, and an annual income of $100,000. How many exemptions should George claim on his tax return? Which of the following can be deducted from your taxes even if you do not itemize? Personal Financial Planning at ORU, Prof. Rinne Martin Learn with flashcards, games, and more — for free. keeping it the same, expanding on the current situation, changing the situation, or an entirely new course of action. Your financial position is highly influenced by all of the following except. a. All of the following affect cash outflows except, If both a husband and wife are employed, their consumption behavior will, Cash flow can be increased by all of the following except. 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