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Consumer Education
Unit 2 Review Name: _______________________
Life Cycle of Financial Planning
1. Finish this statement: Most people follow a similar financial pattern during their life,
BUT
2. What is “Financial Planning”?
3-8. What are the three life cycle stages and what does each mean?
A.
B.
C.
9-10. What are 2 financial planning needs of a high school student?
A.
B.
11-12. What are 2 financial planning needs of a young adult (18-24)?
A.
B.
13-14. What are 2 financial planning needs of an adult with or without children (25-34)?
A.
B.
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15-16. What are 2 financial planning needs of a working adult or parent (35-44)?
A.
B.
17-18. What are 2 financial planning needs in midlife (45-54)?
A.
B.
19-20. What are 2 financial planning needs in pre-retirement? (55-65)?
A.
B.
21-22. What are 2 financial planning needs in retirement (65+)?
A.
B.
Getting A Paycheck
23. What is the difference between being paid an hourly wage and being paid a salary?
24-29. What are the three ways we can get paid? Please identify an advantage of each:
A.
B.
C.
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30. Why should employees avoid being paid cash?
31-34. In Wisconsin (and most states), what are the 4 mandatory deductions:
A.
B.
C.
D.
35-36. What are 2 payroll taxes that employers are required to pay 100% of?
A.
B.
Getting Paid
37. What is an Excise Tax?
38. What is a Sales Tax?
39. What is an example of Earned Income?
40. What is Unearned Income? Please provide an example.