FIN 223 - EXAM 1 review.docx

FIN 223 - EXAM 1 review.docx - =FIN 223 Exam 1 review 15...

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=FIN 223 Exam 1 review 15 T/F questions 10 completion questions 15 Multiple choice questions 4 short answer questions 1. The need for financial planning gets greater as your income gets greater TRUE 2. Defining financial goals is an important step in the financial process, the first step TRUE 3. If you have any earned income you are required to file a tax return FALSE 4. Tax avoidance is legal and tax evasion is illegal TRUE 5. Federal personal income tax is a flat tax FALSE… its progressive 6. Financial planning is only necessary if you earn a lot of money FALSE 7. You should itemize deductions when total itemized deductions exceeds standard deductions TRUE 8. A successful financial plan will be based on a persons goals TRUE 9. If you are eligible to receive a tax refund you will have to file a tax return to get it TRUE 10. A balance sheet shows your financial sheet as of the time the statement is prepared TRUE 11. Is financial planning a continuous lifelong process TRUE 12. Is a budget an orderly estimate of income and expenses TRUE 13. A budget is a detailed financial forecast TRUE
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