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Which long-term goal can a 401(k) account help you achieve?


Question 7 options:


Retire from full-time work





Buy a house




Buy a car



Save for College


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Question 8 (1 point) Question 8 Unsaved

What will prioritizing help you do?


Question 8 options:


Keep your focus on the most important goals.





Make more money, so you can buy more things.



Get a bank account.




Create more job opportunities.


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Question 9 (1 point) Question 9 Unsaved

What is a projection?


Question 9 options:


Money, goods, or services that one person owes to another person or institution, like a credit card company or bank






An unexpected expense



A guess or estimate about what something will be like in the future



A list of your debts and their interest rates


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Question 10 (1 point) Question 10 Unsaved

A ___________ is an amount of money you've set aside in case of an emergency.


Question 10 options:


Risk Policy






Will



Premium



Reserve


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Question 11 (1 point) Question 11 Unsaved

After assessing your income and expenses, you discover that you will not be able to save enough money to meet your financial goals when you wanted to.


Which of the following things could you do in order to meet your financial goals without changing the goals or their dates?


Question 11 options:


Increase your expenses and increase your income






Decrease your expenses and decrease your income



Decrease your income by working less and increase your expenses



Increase your income by working more & decrease your expenses


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Question 12 (1 point) Question 12 Unsaved

Classify each type of income as earned or unearned.


Wages


Question 12 options:


Unearned



Earned


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Question 13 (1 point) Question 13 Unsaved

Classify each type of income as earned or unearned.


Gifts


Question 13 options:


Unearned



Earned


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Question 14 (1 point) Question 14 Unsaved

Classify each type of income as earned or unearned.


Investments


Question 14 options:


Unearned



Earned


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Question 15 (1 point) Question 15 Unsaved

Classify each type of income as earned or unearned.


Salary


Question 15 options:

Verified Answer :

Erudite1

The answers are as follows:
7. Retire from full time work.
A 401K account is a retirement saving account that is sponsored by one's employer. This type of account allow a worker to save a portion of its salary to invest before tax are deducted from the salary. Tax are only paid on the money when they are withdrawn from the account.
8. Keep your focus on the most important goal.
Prioritizing is the process of arranging the things we need to accomplish in the order of their importance and then executing them according to their importance. Prioritizing helps one to focus one's energy on the most important thing.
9. A guess or estimate of what something will be like in the future.
Projection is an important tool in business and in personal life. Projection involves using the events that are happening now to predict what is going to happen in the future about a particular thing. Projection helps one to prepare for the happenings of the future.
10. Reserve.
Reserve refers to the amount of money you have set aside for use in case of emergency. Emergency happens at all time, at such times, it will be best to have a certain amount of money in place to cater for such emergencies. This type of money is called reserve.
11. Increase your income by working more and decrease your expenses.
An income refers to the amount of money you are paid on a regular basis because of the services your render, while expenses refers to the amount of money you spend on your needs. In order to be able to save enough money, you have to increase your income and decrease your expenses.
12. Wages is an earned income.
An earned income refers to an income which you work for, that is, you render particular services before the money is paid to you. Wages refers to the money that are paid to workers either on daily basis or on weekly basis, therefore, wages is an earned income.
13. Gift is an unearned income.
An unearned income refers to an income which you did not work for but which is given to you by some else. Financial gifts are unearned income because, the gift is not given to you as a result of the services you render.
14. Investment income is an unearned income.
The profits that one derives from investments are considered to be unearned income because one personal efforts is not involved in making the profits.
15. Salary is an earned income.
Salary refers to the money that a worker is paid on a monthly basis as a result of the services which he or she renders. Salary, is thus an earned income, because one's efforts is involved in making the money.

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