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Unit 2 Personal Finance Flashcards | StudBud
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Unit 2 Personal Finance
Unit 2 Personal Finance
12 terms
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A #personalfinance quiz so everyone is stoked for our unit 2 failures! I mean test!
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Julie has $2,000 worth of liabilities, and only $200 worth of assets. This is an example of...?
Being broke
Insolvency
Take home pay
Current liability
2
Which of the following is the definition of money management?
Making sure you don't go dead broke
Planning how to get the most from your money
Planning to make sure you are richer than Donald Trump
Planning to meet only your college goals
3
What is a deficit?
Mr. Sheehan makes $20 and spends $10
More money is earned/received than spent
A very bad, bad thing
More money is spent than earned/received
4
Which of the following is not an example of a liability?
Paying your medical bills from the time you fell on your a**
Your phone bill
Your car insurance bill
Paying your friend to do your homework every day
5
What is a personal balance sheet?
A financial statement that lists assets, debts, + net worth
A financial statement that lists everything that you own
A financial statement that lists just your net worth
A financial statement that lists every hair Mr. Sheehan lost
6
Ally wants to be a urologist. What would be an example of one of her long term liabilities?
Paying for this year's college classes
Paying off a one-time library fee for another book on urine
Paying off student loans
Buying a book about urine to study before a test
7
Kate has $45 to do whatever she wants with, (like go on a date)! What is this an example of?
Surplus
Deficit
Discretionary Income
Good luck
8
What is an example of long term liability?
Wanting to buy a dog that poops less
Having to pay a bill for your cat within 2 years
Mr. Sheehan replacing every toliet in America in 5 years
Devin paying off bills within 1 yr after being hit by a bus
9
Devin gets hit by a bus AGAIN. What would be an example of a current liability he now has?
Medical bills
Car insurance
Buying a new bus to be nice to the driver
Dog insurance
10
What is the equation for net cash flow?
income - expense
expense - income
liabilities + expense
assets - expense
11
Rob has to pay his water bill every month because he breaks his toliet. This is an example of?
Cash flow
Insolvency
A variable expense
A fixed expense
12
What is a current liability?
Have to be paid within one year
Have to be paid before you are 15
Have to be paid within 4 years
Have to be paid before you're six feet under
