Financial Literacy, Career Planning, and Biblical Tithing Principles

1. Which of the following financial tasks should be done first, before all of the others?

Build an emergency fund ✅

2. Which is NOT true of inflation?

We've recently seen the lowest inflation in 40 years ✅

3. The stock market goes up and down but trends...

upwards ✅

1. Seventy percent of professionals locate employment positions presently available through networking and:

Personal Contacts ✅

2. A chronological résumé presents your education and experience based on:

A reverse time sequence. ✅

3. A person's résumé should generally be limited to:

One page. ✅

4. Which of the following would be a competency commonly associated with successful people?

Ability to work well with others in various settings

A willingness to cope with conflict and adapt to change

Effective written and oral communication skills

All of the above

All of the above

5. What is the highest level of engagement with work?

calling ✅

6. Which is NOT one of the four part of Ikigai?

What you are the BEST AT ✅

7. A calling is one particular job that God has in mind for you, and nothing else will ever satisfy.

False✅

8. It's very _______ for college graduates to have a season of feeling "lost" regarding their careers.

Common ✅

9. Which is true of prototyping?

Short-term commitments that you can quit at the end ✅

10. Which of the following is NOT a step in prototyping?

Try as many things as possible at once ✅

11. What are "sparks"?

Things you're curious about ✅

12. What is flow?

When you lose track of time doing a task ✅

13. People who finish college tend to make more money.

True ✅

14. Which is more important for career advancement?

EQ ✅

15. Which of the following is the best way to network?

Network to genuinely help others ✅

16. A good resume strategy is...

Target your resume and cover letter for specific companies ✅

17. Which of the following is the most impressive to employers?

Something you made that is so amazing it can't be ignored ✅

18. How long on average do employers look at your resume, according to Indeed?

6-7 seconds ✅

19. What is the most powerful interview strategy?

Tell personal stories of your best accomplishments ✅

20. What basic mix of qualities is usually sufficient for career advancement?

Competence and positivity ✅

1. A family with $50,000 in assets and $20,000 of liabilities would have a net worth of:

$30,000 ✅

2. The Ramos family budgets $425 a month for food. Last month they spent $395, which creates a:

budget surplus of $30 ✅

3. Opportunity costs refer to:

trade-offs associated with money management decisions ✅

4. Which of the following documents would most likely be stored in a safe-deposit box?

Birth certificates ✅

5. A person's net worth would increase as a result of:

reducing the amounts you owe to others ✅

6. Total earnings of a person minus the deductions for taxes and other items is called:

take-home pay ✅

7. Which of the following payments would be considered a variable expense?

Electricity bill ✅

8. A balanced budget is when...

Take-home pay equals planned expenditures ✅

9. What is a cash-flow calendar?

It illustrates variations in income and spending throughout the year ✅

10. What is a revolving savings fund?

It is set up to hold funds from months' net gains to fund deficits ✅

11. Which of the following is NOT a valid use of budgeted money left over?

Save it

Invest it

Spend it like mad money

All are valid uses

All are valid uses

12. Which of the following is NOT a tip for successful budgeting?

Be strict with yourself ✅

13. Which of the following is NOT a wealth building principle?

Have multiple credit cards to collect the most reward points ✅

14. What is an unprepared borrower?

Someone who has to borrow to weather a financial emergency ✅

15. Which of the following is a good use of an emergency fund?

Paying for unexpected medical bills

Replacing a broken home appliance

Paying for unexpected car repairs

All of the above

All of the above

16. Where is the main verse about tithing?

Malachi 3:10. ✅

17. Bring all the tithes into the storehouse. _______ me now in this says the Lord of hosts, "If I will not pour out blessing.

Test ✅

18. Because God gives us everything, tithing is really...

Something we return to Him ✅

19. Jesus endorsed tithing.

True ✅

20. Adventism is the most ___________ religion in America.

Conservative ✅

21. A "blue zone" is...

A region in the world where people live 10 years longer ✅

22. God asks us to tithe because...

Where our treasure is, our heart will be also ✅

1. An estate tax is imposed on the value of an individual's property at the time of the individual's death.

True ✅

2. Which of the following would not be included in gross income?

Exclusions ✅

3. Money received by an individual for personal effort is classified as ________ income.

earned ✅

4. Money received in the form of dividends or interest is classified as ___________ income.

investment ✅

5. Earnings from a limited partnership would be an example of _________ income.

passive ✅

6. Which one of the following is included in gross income?

Earned income ✅

7. A tax on the value of automobiles, boats, or furniture is referred to as:

personal property tax ✅

8. Which of the following is an expense that a taxpayer is allowed to deduct from adjusted gross income?

An itemized deduction ✅

9. An expense that would be included in the itemized deductions of a taxpayer is:

real estate property taxes ✅

10. What is it called when tax liability is reduced through legal techniques?

Tax Avoidance ✅

11. Which of the following tax philosophies does income tax employ?

Progressive tax ✅

12. Which of the following is true of a regressive tax?

Demands a decreasing proportion of one's income as incomes rise ✅

13. Which of the following is true of a progressive tax?

Requires a higher tax rate as income increases ✅

14. The key is to reduce:

Taxable income ✅

15. What is the marginal tax rate?

The rate at which your last dollar is taxed ✅

16. Decreasing your taxable income __________ you more in taxes as your marginal tax rate goes up.

Saves ✅

17. What does it mean that income tax is "pay as you go"?

You pay income tax throughout the year as you earn income ✅

18. What are withholdings?

Money your employer takes out of your paycheck for taxes ✅

19. On April 15, you ____ and ____ your taxes for the year

report and pay ✅

20. What is true about this statement: Everything is taxable and nothing is deductible.

It's the basis of U.S. tax law.

Congress takes these extremes and specifies exceptions.

Exceptions to this statement make U.S. tax law complex.

All of the above

All of the above

21. Which of the following is a type of income you don't have to pay taxes on?

Income from your grandmother in the form of a gift ✅

22. Which of the following is NOT an example of an adjustment?

Credit for having kids ✅

23. What is a standard deduction?

A deduction anyone can take ✅

24. What is an itemized deduction?

Designated expenses that can be subtracted from taxable income ✅

25. Deduction amount for non-cash donations to charitable organizations is at ___________

original value ✅

26. A tax credit is a _____________ decrease in tax liability

dollar for dollar ✅

27. I don't have to pay taxes on capital gains (income from investments).

False ✅

28. Tax liability more than withholdings? You will:

Pay the difference ✅

29. Tax liability less than withholdings? You will:

Get a refund ✅

30. Reduce your taxable income by contributing to your employer managed _____________

Retirement plan ✅

31. Which of the following is a legal strategy to reduce your income tax? _____________________

Buy and manage real estate ✅