Question 1

An individual retirement account is an example of a(n)____________ asset.

Accepted Answer

A) personal 
B) common 
C) investment 
D) household 
E) budgeted 
A) personal 
B) common 
C) investment 
D) household 
E) budgeted

Question 2

Darlene Elkin has the following financial amounts: checking accounts $850,savings account $3,500,credit card balance $300,jewelry $1,600,real estate valued at $78,000,a mortgage on the real estate of $23,000.What is the total of Darlene's assets? What actions could she take to increase her net worth?

Accepted Answer

To calculate Darlene Elkin's total asset

Question 3

Money management activities refer to long-term investment decisions.

Accepted Answer

A) True 
 B)False

Question 4

If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

Accepted Answer

A) variance. 
B) deficit. 
C) fixed living expense. 
D) budget reduction. 
E) contribution to net worth. 
A) variance. 
B) deficit. 
C) fixed living expense. 
D) budget reduction. 
E) contribution to net worth.

Question 5

Which one of the following should be budgeted first?

Accepted Answer

A) variable expenses 
B) vacation expenses 
C) fixed expenses 
D) unplanned living expenses 
E) recreation expenses 
A) variable expenses 
B) vacation expenses 
C) fixed expenses 
D) unplanned living expenses 
E) recreation expenses

Question 6

The current financial position (including net worth)of an individual or family is best presented with the use of a(n):

Accepted Answer

A) budget. 
B) cash flow statement. 
C) balance sheet. 
D) bank statement. 
E) time value of money report. 
A) budget. 
B) cash flow statement. 
C) balance sheet. 
D) bank statement. 
E) time value of money report.

Question 7

Explain why opportunity cost is an important concept in money management.

Accepted Answer

The answer of Explain why opportunity cost is an important...

Question 8

Which one of the following is the best example of a long-term goal for a young couple?

Accepted Answer

A) a new car 
B) reduction of amounts owed on credit cards 
C) increased savings 
D) income for retirement 
E) funds for a vacation 
A) a new car 
B) reduction of amounts owed on credit cards 
C) increased savings 
D) income for retirement 
E) funds for a vacation

Question 9

Improvements in a person's financial position are the result of:

Accepted Answer

A) increased liabilities. 
B) reductions in earnings. 
C) increased savings and investments. 
D) increased purchases on credit. 
E) lower amounts deposited in savings. 
A) increased liabilities. 
B) reductions in earnings. 
C) increased savings and investments. 
D) increased purchases on credit. 
E) lower amounts deposited in savings.

Question 10

A cash flow statement reports a person's or a family's:

Accepted Answer

A) net worth. 
B) current income and payments. 
C) plan for spending. 
D) value of investments. 
E) balance of savings. 
A) net worth. 
B) current income and payments. 
C) plan for spending. 
D) value of investments. 
E) balance of savings.

Question 11

A personal balance sheet:

Accepted Answer

A) predicts income and expenses. 
B) reports what an individual or a family owes and owns. 
C) reports income and expenses or an individual or a family. 
D) predicts net worth of an economic entity. 
E) analyzes debt payment activities. 
A) predicts income and expenses. 
B) reports what an individual or a family owes and owns. 
C) reports income and expenses or an individual or a family. 
D) predicts net worth of an economic entity. 
E) analyzes debt payment activities.

Question 12

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

Accepted Answer

A) budgeted income. 
B) gross pay. 
C) net worth. 
D) total revenue. 
E) take-home pay. 
A) budgeted income. 
B) gross pay. 
C) net worth. 
D) total revenue. 
E) take-home pay.

Question 13

The Hernandez family budgets $420 a month for food.Last month they spent $413,which creates a

Accepted Answer

A) budget surplus of $7. 
B) budget deficit of $7. 
C) budget surplus of $420. 
D) budget deficit of $413. 
E) balanced budget. 
A) budget surplus of $7. 
B) budget deficit of $7. 
C) budget surplus of $420. 
D) budget deficit of $413. 
E) balanced budget.

An individual retirement account is an example of a(n)____________ asset.

Money management activities refer to long-term investment decisions.

If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

Which one of the following should be budgeted first?

The current financial position (including net worth)of an individual or family is best presented with the use of a(n):

Explain why opportunity cost is an important concept in money management.

Which one of the following is the best example of a long-term goal for a young couple?

Improvements in a person's financial position are the result of:

A cash flow statement reports a person's or a family's:

A personal balance sheet:

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

The Hernandez family budgets $420 a month for food.Last month they spent $413,which creates a

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

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Exam 3: Money Management Strategy: Financial Statements and Budgeting

An individual retirement account is an example of a(n)____________ asset.

Money management activities refer to long-term investment decisions.

If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

Which one of the following should be budgeted first?

The current financial position (including net worth)of an individual or family is best presented with the use of a(n):

Explain why opportunity cost is an important concept in money management.

Which one of the following is the best example of a long-term goal for a young couple?

Improvements in a person's financial position are the result of:

A cash flow statement reports a person's or a family's:

A personal balance sheet:

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

The Hernandez family budgets $420 a month for food.Last month they spent $413,which creates a

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: The Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

Filters