Question 1

When creating a personal balance sheet,which of the following is a real estate asset?

Accepted Answer

A)  Cash value of life insurance 
B)  Vacation property 
C)  Possessions in your home 
D)  Investments for a dream home 
E)  Mutual funds 
A)  Cash value of life insurance 
B)  Vacation property 
C)  Possessions in your home 
D)  Investments for a dream home 
E)  Mutual funds

Question 2

Another name for take-home pay is

Accepted Answer

A)  Monthly savings. 
B)  Discretionary income. 
C)  Disposable income. 
D)  Gross income. 
E)  Deductions. 
A)  Monthly savings. 
B)  Discretionary income. 
C)  Disposable income. 
D)  Gross income. 
E)  Deductions.

Question 3

What is a personal balance sheet?

Accepted Answer

A personal balance sheet identifies the

Question 4

How long should you keep documents relating to investments?

Accepted Answer

A)  No need to since the broker probably has a copy. 
B)  As long as you own them. 
C)  Seven years. 
D)  Ten years. 
E)  Permanently. 
A)  No need to since the broker probably has a copy. 
B)  As long as you own them. 
C)  Seven years. 
D)  Ten years. 
E)  Permanently.

Question 5

The statement that includes liquid assets,real estate,personal possessions,and investment assets is known as a

Accepted Answer

A)  Personal balance sheet. 
B)  Bank statement. 
C)  Budget. 
D)  Cash flow statement. 
E)  Time value of money report. 
A)  Personal balance sheet. 
B)  Bank statement. 
C)  Budget. 
D)  Cash flow statement. 
E)  Time value of money report.

Question 6

Money management refers to

Accepted Answer

A)  Preparing personal financial statements. 
B)  Day-to-day financial activities. 
C)  Trade-offs that occur with financial decisions. 
D)  Storing financial records for easy access. 
E)  Spending money on current living expenses. 
A)  Preparing personal financial statements. 
B)  Day-to-day financial activities. 
C)  Trade-offs that occur with financial decisions. 
D)  Storing financial records for easy access. 
E)  Spending money on current living expenses.

Question 7

Money management refers to annual financial activities necessary to manage personal economic resources.

Accepted Answer

A) True 
 B)False

Question 8

A budget deficit would result when a person's or family's

Accepted Answer

A)  Actual expenses are less than planned expenses. 
B)  Assets exceed liabilities. 
C)  Actual expenses equal planned expenses. 
D)  Actual expenses are greater than planned expenses. 
E)  Net worth decreases. 
A)  Actual expenses are less than planned expenses. 
B)  Assets exceed liabilities. 
C)  Actual expenses equal planned expenses. 
D)  Actual expenses are greater than planned expenses. 
E)  Net worth decreases.

Question 9

Which of the following appears on a cash flow statement?

Accepted Answer

A)  Home value 
B)  Loan payment 
C)  Net worth 
D)  Balance of mortgage 
E)  Cash value of life insurance 
A)  Home value 
B)  Loan payment 
C)  Net worth 
D)  Balance of mortgage 
E)  Cash value of life insurance

Question 10

One method to spend more money is to use a direct deposit system from payroll.

Accepted Answer

A) True 
 B)False

Question 11

Given the following information,calculate the liquidity ratio: Liabilities = $-24,500
Liquid assets = $-4,900
Monthly credit payments = $-800
Monthly savings = $-760
Net worth = $-72,500
Current liabilities = $-1,600
Take-home pay = $-2,300
Gross income = $-3,500
Monthly expenses = $-2,040

Accepted Answer

A)  -33.79 
B)  3.06. 
C)  2.40 
D)  -34.78 
E)  -21.71 
A)  -33.79 
B)  3.06. 
C)  2.40 
D)  -34.78 
E)  -21.71

Question 12

Patrick Guitman has a net worth of $165,000 and liabilities of $176,000.What are his total assets?

Accepted Answer

A)  $11,000 
B)  $-165,000 
C)  $176,000 
D)  $187,000 
E)  $341,000 
A)  $11,000 
B)  $-165,000 
C)  $176,000 
D)  $187,000 
E)  $341,000

Question 13

When creating a personal balance sheet,which of the following is considered to be a personal possession asset?

Accepted Answer

A)  A five-year-old television set 
B)  A home 
C)  Cash in a checking account 
D)  Retirement investments 
E)  Vacation property 
A)  A five-year-old television set 
B)  A home 
C)  Cash in a checking account 
D)  Retirement investments 
E)  Vacation property

Question 14

When creating a personal balance sheet,which of the following is an investment asset?

Accepted Answer

A)  Cash value of life insurance 
B)  Checking account 
C)  Possessions in your home 
D)  Retirement account 
E)  Vacation property 
A)  Cash value of life insurance 
B)  Checking account 
C)  Possessions in your home 
D)  Retirement account 
E)  Vacation property

Question 15

Wills and Social Security data should be kept for up to 10 years.

Accepted Answer

A) True 
 B)False

Question 16

Discuss how a budget is created and used.

Accepted Answer

A budget,or spending plan,begins with se

Question 17

Given the following information,calculate total liabilities:

Accepted Answer

@#IMG-DLM& $161,250
Feedback: Total liab

Question 18

Given the following information from June 30,2012,calculate cash inflows,cash outflows,and cash surplus or deficit for Tim Carter:

Accepted Answer

@#IMG-DLM& Cash inflows = Salary - Deductions + In

Question 19

Net worth is the amount owed to others.

Accepted Answer

A) True 
 B)False

Question 20

Current liabilities are the debts you must pay within a short time,usually less than a year.

Accepted Answer

A) True 
 B)False

When creating a personal balance sheet,which of the following is a real estate asset?

Another name for take-home pay is

What is a personal balance sheet?

How long should you keep documents relating to investments?

The statement that includes liquid assets,real estate,personal possessions,and investment assets is known as a

Money management refers to

Money management refers to annual financial activities necessary to manage personal economic resources.

A budget deficit would result when a person's or family's

Which of the following appears on a cash flow statement?

One method to spend more money is to use a direct deposit system from payroll.

Given the following information,calculate the liquidity ratio: Liabilities = $-24,500 Liquid assets = $-4,900 Monthly credit payments = $-800 Monthly savings = $-760 Net worth = $-72,500 Current liabilities = $-1,600 Take-home pay = $-2,300 Gross income = $-3,500 Monthly expenses = $-2,040

Patrick Guitman has a net worth of $165,000 and liabilities of $176,000.What are his total assets?

When creating a personal balance sheet,which of the following is considered to be a personal possession asset?

When creating a personal balance sheet,which of the following is an investment asset?

Wills and Social Security data should be kept for up to 10 years.

Discuss how a budget is created and used.

Given the following information,calculate total liabilities:

Given the following information from June 30,2012,calculate cash inflows,cash outflows,and cash surplus or deficit for Tim Carter:

Net worth is the amount owed to others.

Current liabilities are the debts you must pay within a short time,usually less than a year.

Personal Financial Planning in Action

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Selecting and Financing Housing

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters

Exam 2: Money Management Skills

When creating a personal balance sheet,which of the following is a real estate asset?

Another name for take-home pay is

What is a personal balance sheet?

How long should you keep documents relating to investments?

The statement that includes liquid assets,real estate,personal possessions,and investment assets is known as a

Money management refers to

Money management refers to annual financial activities necessary to manage personal economic resources.

A budget deficit would result when a person's or family's

Which of the following appears on a cash flow statement?

One method to spend more money is to use a direct deposit system from payroll.

Given the following information,calculate the liquidity ratio: Liabilities = $-24,500 Liquid assets = $-4,900 Monthly credit payments = $-800 Monthly savings = $-760 Net worth = $-72,500 Current liabilities = $-1,600 Take-home pay = $-2,300 Gross income = $-3,500 Monthly expenses = $-2,040

Patrick Guitman has a net worth of $165,000 and liabilities of $176,000.What are his total assets?

When creating a personal balance sheet,which of the following is considered to be a personal possession asset?

When creating a personal balance sheet,which of the following is an investment asset?

Wills and Social Security data should be kept for up to 10 years.

Discuss how a budget is created and used.

Given the following information,calculate total liabilities:

Given the following information from June 30,2012,calculate cash inflows,cash outflows,and cash surplus or deficit for Tim Carter:

Net worth is the amount owed to others.

Current liabilities are the debts you must pay within a short time,usually less than a year.

Personal Financial Planning in Action

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Selecting and Financing Housing

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters