Ficep stuvia 2024 Study guides, Class notes & Summaries

operating costs - ANSWERA tax is defined as a contribution that supports the _____ of a government. progressive - ANSWERA _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) regressive - ANSWERA _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples) fees or surcharges - ANSWERSometimes taxes are called _____. fee ...

Select the statement that correctly describes a progressive tax. - ANSWERA progressive tax requires people to pay more as they earn more. Pick the statement that best describes a regressive tax. - ANSWERA regressive tax charges the same tax rate regardless of the taxpayer's income. Why are government fees and surcharges sometimes described as a form of tax? - ANSWERBecause they generate income for the government. Which taxing authorities are worthy of the member's attention? - ANSWERT...

What are the housing market conditions that can indicate a real estate "bubble"? - ANSWERHousing values are rising faster than consumer income What five sources influence most consumers' financial practices? - ANSWERParents, Lenders, learned patterns, creditors, society/peers What is the best tactic for helping members who are in the "earn/spend/earn/spend" cycle? - ANSWEREach paycheck must be divided up for specific categories such as savings and debt What are the six steps of the...

Money avoidance is the idea that money is evil or ______________ - ANSWERundeserved The idea that money is the way to solve all a member's problems is money ______________ - ANSWERworship Money ____________ is the member's belief that wealth is tied to self-worth. Money is seen as a member's way to one-up others. - ANSWERStatus Money vigilance is a member's perceived need for ___________ about their financial matters. - ANSWERsecrecy The ideal spending cycle a member should striv...

people who have gambled in their lifetimes, in the past year - ANSWER85%, 66% learning financial attitudes from parents is known as - ANSWERmodeling consumers who want it "now vs later" are at the greatest risk of - ANSWERspending more than they can afford if a member thinks of a new obligation as only a few more dollars a month, without considering the total cost of the purchase, this usually indicates that they are - ANSWERfocusing too little on the future members viewing their 4...

What is the ideal spending cycle? - ANSWEREarn / Save / Spend Which spending cycle is living "paycheck to paycheck"? - ANSWEREarn / Spend / Earn / Spend Which spending cycle claims to prioritize saving but rarely has any left? - ANSWEREarn / Spend / Save Which spending cycle relies on debt to maintain their lifestyle? - ANSWEREarn / Spend / Borrow / Spend What is money avoidance? - ANSWERMoney is viewed as the root of evil and undeserved. What is money worship? - ANSWERMoney equ...

What does accounts receivable mean? - ANSWERMoney that is owed to a business What does accounts payable mean? - ANSWERMoney that a business owes to others What are considerations for cash flow when running a business? (7) - ANSWER(1) Accounts receivable (2) Accounts payable (3) Cyclical or seasonal income (4) Inventory management (5) Taxes (6) Insurance (7) Retirement benefits What are ways to establish good credit? (9) - ANSWER(1) Paying bills on time (2) Establishing regular ...

PACING - ANSWERcreate a feeling of connection with a member, by matching physical characteristics, such as posture, energy level, and breathing. BLENDING - ANSWERdisplay communication patterns that match a member's, such as speech rate, tone, vocabulary, and appearance FORCE-FIELD ANALYSIS - ANSWERa method used to view all the forces in favor of or against a plan, so a decision can be made. Analysis begins with stating a problem. Then, a member lists the

Financial Well-Being - ANSWERTied to behaviors and attitudes, influenced by environment and experiences Poor Financial Habits - ANSWERSpending too much, saving too little, carrying too much debt, caring too little about financial future, reliance on others Spending Cycles - ANSWER4 primary cycles, counselors aim for Earn/Save/Spend cycle Behavioral Influences - ANSWERLearned patterns, parents, society, creditors, lenders Maslow's Hierarchy of Needs -

deliquent - ANSWERdebt or other financial obligation on which payment is overdue foreclosure - ANSWERthe seizure of property from borrowers who are unable to repay their loans money avoidance - ANSWERbelieve that money is bad and they do not deserve it; may ignore their finances and avoid thinking about money; may also give away money to others in order not to have it. money worship - ANSWERconvinced that more money will solve all of their problems, that there will never be enough, that...