FINP 235 Exam 1 WITH CORRECT
QUESTIONS AND ANSWERS 2025/2026
adjusted gross income formula - correct answers total income - adjustments
annual compounding formula - correct answers FV= PV x (in)^n
another name for excise tax - correct answers sin tax
are federal income taxes progressive - correct answers yes
can you use notes on exams - correct answers no
characteristics of a bank - correct answers checkin/savings accounts, safety-deposit boxes,
home/personal loans, physical/strictly onlin
characteristics of a credit union - correct answers member owned, co-op members are
associated, profit sharing, paid dividends (not interest)
does budget or income statement show future - correct answers budget
equation of net income - correct answers income-expenses
,example of intermediate financial goal - correct answers emergency fund, engagement ring,
repay student loans
example of latte factor - correct answers northgate, starbucks, cigarettes, eating out, traveling,
movies, shoes, amazon, streaming services
example of short financial goal - correct answers new phone, pay off credit card, car repair
examples of current liabilities - correct answers credit card current balance
examples of fixed expenses - correct answers rent, auto loan
examples of intangible assets - correct answers bank accounts, 401k, cash
examples of items with excise tax - correct answers alcohol, tobacco, gas, gambling
examples of long financial goals - correct answers dream home, retire by 55
examples of long term liability - correct answers student loan, home loan, auto loan
examples of non-liquid assets - correct answers house, boat, motorcycle, retirement fund
examples of tangible assets - correct answers car, house, cash
examples of variable expenses - correct answers fuel, food, textbooks, utilities
fifth step to set financial goals - correct answers monthly/set aside
, first step of financial planning procress - correct answers assess your wealth (scale)
first step to financial well being - correct answers financial skill
first step to set financial goals - correct answers write it down
formula for tax refund/owed - correct answers (taxable income x tax rates) - credits - federal
withholding
fourth step to financial well being - correct answers financial well being
fourth step to set financial goals - correct answers cost & deadline
FV - correct answers future value of investment
high interest savings account, atm & limited checks, limited transactions per month - correct
answers money market
how can you combat inflation - correct answers interest and returns
how long does it take to pay back a long financial goal - correct answers over 10 years
how long does it take to pay back a short financial goal - correct answers less than a year
how long does it take to pay back an intermediate financial goal - correct answers 1-10 years
QUESTIONS AND ANSWERS 2025/2026
adjusted gross income formula - correct answers total income - adjustments
annual compounding formula - correct answers FV= PV x (in)^n
another name for excise tax - correct answers sin tax
are federal income taxes progressive - correct answers yes
can you use notes on exams - correct answers no
characteristics of a bank - correct answers checkin/savings accounts, safety-deposit boxes,
home/personal loans, physical/strictly onlin
characteristics of a credit union - correct answers member owned, co-op members are
associated, profit sharing, paid dividends (not interest)
does budget or income statement show future - correct answers budget
equation of net income - correct answers income-expenses
,example of intermediate financial goal - correct answers emergency fund, engagement ring,
repay student loans
example of latte factor - correct answers northgate, starbucks, cigarettes, eating out, traveling,
movies, shoes, amazon, streaming services
example of short financial goal - correct answers new phone, pay off credit card, car repair
examples of current liabilities - correct answers credit card current balance
examples of fixed expenses - correct answers rent, auto loan
examples of intangible assets - correct answers bank accounts, 401k, cash
examples of items with excise tax - correct answers alcohol, tobacco, gas, gambling
examples of long financial goals - correct answers dream home, retire by 55
examples of long term liability - correct answers student loan, home loan, auto loan
examples of non-liquid assets - correct answers house, boat, motorcycle, retirement fund
examples of tangible assets - correct answers car, house, cash
examples of variable expenses - correct answers fuel, food, textbooks, utilities
fifth step to set financial goals - correct answers monthly/set aside
, first step of financial planning procress - correct answers assess your wealth (scale)
first step to financial well being - correct answers financial skill
first step to set financial goals - correct answers write it down
formula for tax refund/owed - correct answers (taxable income x tax rates) - credits - federal
withholding
fourth step to financial well being - correct answers financial well being
fourth step to set financial goals - correct answers cost & deadline
FV - correct answers future value of investment
high interest savings account, atm & limited checks, limited transactions per month - correct
answers money market
how can you combat inflation - correct answers interest and returns
how long does it take to pay back a long financial goal - correct answers over 10 years
how long does it take to pay back a short financial goal - correct answers less than a year
how long does it take to pay back an intermediate financial goal - correct answers 1-10 years
