Fhce 3200 exam 3 - Study guides, Class notes & Summaries

FHCE 3200 Exam 3 Quiz Questions with 100% Correct Answers TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax form. a. TRUE b. FALSE - Answer- b. FALSE Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew who is 9 years of age. She heard that there is a way to go about doing this but is unsure. What type of custodial account will she need? a. Universal Transfer to Minors Act b. Universal Bequest to Minors Act c. Univer...

FHCE 3200 Exam 3 Quiz Questions & Answers/ Rated A+ b. FALSE - -TRUE or FALSE: A Roth IRA qualifies for the IRA tax deduction found on the 1040 tax form. a. TRUE b. FALSE a. Universal Transfer to Minors Act - -Erin, a good friend of yours, would like to transfer a boat she inherited to her nephew who is 9 years of age. She heard that there is a way to go about doing this but is unsure. What type of custodial account will she need? a. Universal Transfer to Minors Act b. Universal Be...

Economics - answer-The study or science of production, distribution, and consumption The study of how society manages its scarce resources Society and Scarce Resources - answer-The management of society's resources is important because resources are scarce Scarcity implies choice and choice implies cost Scarcity - answer-Means that society has limited resources and therefore cannot produce all the goods and services people wish to have Why study consumer economics? - answer-To apply...

FHCE 3200 Exam 3 Questions and Answers 100% Pass risk - Answer- the possibility of losing money if --prices increase over time --a company in which your invest closes --general interest rates increase --you cannot sell something you own due to a weak market inflation risk - Answer- prices increase over time business risk - Answer- a company in which you invest closes interest rate risk - Answer- general interest rates increase (reduces the values of investments) liquidity risk - Answe...

FHCE 3200: EXAM 1, Questions and answers, rated A+ financial literacy - -how well you can understand and use personal finance-related information. internal view of the financial world - -1. financial knowledge 2. financial risk tolerance 3. feelings of control financial knowledge - -ability to understand personal finance info

FHCE 3200 Test #1, Exam Review Questions and answers/ Financial Literacy - -how well you can understand and use personal finance-related information. Financial risk tolerance - --your willingness to engage in financial endeavors that have uncertain outcomes. -your willingness to engage in a behavior that entails the possibility of a financial loss. If you dislike losing, especially money, you might be said to be... - -loss-averse key action steps to financial well-being - -1. Keep good ...

FHCE 3200 questions, Exam Review/ Rated A+ "I want to retire with $1,000,000 in the bank" represents what element(s) of a SMART goal? a) specific b) attainable c) realistic d) all of the above - -d assume you can earn 1% interest monthly on your savings. what is your APR and APY? - -APR: 12% APY: 12.68% How many years it will take to grow $3,000 to $6,000 earning 3% interest? - -72/3 = 23.45 (~24 years) What interest rate will turn $3,000 into $6,000 over 6 years? - -72/6 = 12% L...

FHCE 3200 EXAM #2 STUDY GUIDE 2024 QUESTIONS AND ANSWERS Flat tax - Answer- everyone pays the same rate regressive tax - Answer- low income earners pay a larger proportion of their incomes in taxes relative to high-income households Progressive tax - Answer- those with more income pay increasingly higher taxes, high- income earners pay a disproportionately larger amount of taxes different types of taxes - Answer- •Federal income taxes •State income taxes (where applicable) •Payrol...

FHCE 3200 EXAM #2 STUDY GUIDE 2024 QUESTIONS AND ANSWERS Flat tax - Answer- everyone pays the same rate regressive tax - Answer- low income earners pay a larger proportion of their incomes in taxes relative to high-income households Progressive tax - Answer- those with more income pay increasingly higher taxes, high- income earners pay a disproportionately larger amount of taxes different types of taxes - Answer- •Federal income taxes •State income taxes (where applicable) •Payrol...

FHCE 3200 EXAM #2 STUDY GUIDE 2024 QUESTIONS AND ANSWERS Flat tax - Answer- everyone pays the same rate regressive tax - Answer- low income earners pay a larger proportion of their incomes in taxes relative to high-income households Progressive tax - Answer- those with more income pay increasingly higher taxes, high- income earners pay a disproportionately larger amount of taxes different types of taxes - Answer- •Federal income taxes •State income taxes (where applicable) •Payrol...