PERSONAL FINANCIAL PLANNING EXAM
1 QUESTIONS & ANSWERS SOLVED
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1 of 84
Term
Responsible for administration and enforcement of federal tax laws
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FASB CCPA
SEC IRS
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2 of 84
Term
What is a fixed expense?
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Contractual, equal
One-time payments for
payments fixed (rent,
services rendered
mortgages,
(consulting fees)
insurance, cable, TV
payments)
Variable, fluctuating costs Unexpected expenses that
based on usage (utilities, arise occasionally
groceries) (emergency repairs)
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3 of 84
Term
What is a variable cost?
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, Amounts change from
one period to the next Costs that are incurred only
(credit card payments) once and do not recur
(setup fees)
Fixed costs that remain Costs that are predictable
constant regardless of and stable over time
production (salaries) (subscriptions)
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4 of 84
Term
What can be subtracted from gross income?
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Taxable income over 100,000
claim itemized deductions
use when reporting self-employment income or reporting income from
sale of property
1. higher education (limited)
2.IRA contributions (limited)
3.Self-employment tax-(limited to 50%)
4.Alimony paid
5. Penalty on early withdrawal of savings
6.Moving expenses (limited)
1. Medium of exchange: used to measure value
2.Utility:Amount of satisfaction derived from purchases versus cost
, 3. psychological concepts: money is a link to this and key role
in personal relationships
1. Define financial goals
2.Develop financial plans and strategies to achieve goals
3. Implement financial plans and strategies
4. Periodically develop and implement budgets to monitor and control
progress against goals
5. Use financial statements to evaluate results of plans and
budgets, taking corrective action as required
6.Redefine goals and revise plans and strategies as personal
circumstances change
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5 of 84
Term
Capital gains are taxed at different rates depending on what
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stock price. holding period
credits year
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6 of 84
Term
1 QUESTIONS & ANSWERS SOLVED
100% CORRECT!!
1 of 84
Term
Responsible for administration and enforcement of federal tax laws
Give this one a try later!
FASB CCPA
SEC IRS
, Don't know?
2 of 84
Term
What is a fixed expense?
Give this one a try later!
Contractual, equal
One-time payments for
payments fixed (rent,
services rendered
mortgages,
(consulting fees)
insurance, cable, TV
payments)
Variable, fluctuating costs Unexpected expenses that
based on usage (utilities, arise occasionally
groceries) (emergency repairs)
Don't know?
3 of 84
Term
What is a variable cost?
Give this one a try later!
, Amounts change from
one period to the next Costs that are incurred only
(credit card payments) once and do not recur
(setup fees)
Fixed costs that remain Costs that are predictable
constant regardless of and stable over time
production (salaries) (subscriptions)
Don't know?
4 of 84
Term
What can be subtracted from gross income?
Give this one a try later!
Taxable income over 100,000
claim itemized deductions
use when reporting self-employment income or reporting income from
sale of property
1. higher education (limited)
2.IRA contributions (limited)
3.Self-employment tax-(limited to 50%)
4.Alimony paid
5. Penalty on early withdrawal of savings
6.Moving expenses (limited)
1. Medium of exchange: used to measure value
2.Utility:Amount of satisfaction derived from purchases versus cost
, 3. psychological concepts: money is a link to this and key role
in personal relationships
1. Define financial goals
2.Develop financial plans and strategies to achieve goals
3. Implement financial plans and strategies
4. Periodically develop and implement budgets to monitor and control
progress against goals
5. Use financial statements to evaluate results of plans and
budgets, taking corrective action as required
6.Redefine goals and revise plans and strategies as personal
circumstances change
Don't know?
5 of 84
Term
Capital gains are taxed at different rates depending on what
Give this one a try later!
stock price. holding period
credits year
Don't know?
6 of 84
Term
