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PF 2.03-2.05 Review Flashcards | StudBud
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PF 2.03-2.05 Review
PF 2.03-2.05 Review
20 terms
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StudBud Administration
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Personal Finance :)
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
Which is NOT an example of earned income?
Sales of assets
Commissions
Tips
Bonuses
2
Which one is a money management tool?
Your debit card
Your parents
Your bank
Income and Expense statement
3
What are three components of a Statement of Financial Position?
Assets, Liabilities, Net Worth
Housing, Transportation, Clothing
Food, Makeup, Clothes
Jordans, Adidas, Nikes
4
What is Net Worth?
Money
The measure of financial wealth
The value of money in the future
The Internet
5
When allocating money, what should you consider?
Trade offs/oppurtunity costs
Decreasing your net worth
Spending more than you save
None of the above
6
What is an example of a tangible asset?
Jessica's chihuahua
Credit Cards
Mortgage
Electronics
7
Your future self impacts your present self
True
False
8
How do you determine whether you have a net gain or loss?
IncomexExpenses=Net Gain/Loss
Income/Expenses=Net Gain/Loss
Go to a bank and ask
Income-Expenses=Net Gain/Loss
9
To increase net worth you will have to decrease assets or increase liabilites
False
True
10
What can your Statement and Financial Position show?
All of the above
What Billy brought at McDonald's yesterday
What you brought a year ago at a store
Your Net Worth
11
Net Worth is an objective of wealth
True
False
12
Why is having insurance important?
Gives you peace of mind
None of the above
It gives you more money
It gives you free things
13
A spending plan will ___ (fill in the blank)
help you become more responsible
may increase your financial well being
help you plan your spending
All of the above
14
What are some types of income categories?
Recieved Income
Unearned
All of the above
Earned/Unearned Income
15
What is an example of a tracking method you can use to track your income and expenses?
Google
Your parents
All of the above
Smartphone
16
What is a monetary asset?
Food
Homes
Car
Can be converted quickly to cash
17
When is your spending plan complete?
Never
Completed every year
Completed after your goals for the year are complete
When you have all your income and expenses recorded
18
What is the formula for caluclating net worth?
Assets/Liabilities=Net Worth
AssetsxLiabilities=Net Worth
Assets+Liabilities=Net Worth
Assets-Liabilities=Net Worth
19
A liability is ___ (fill in the blank)
Money spent
The total amount owed
None of the above
Bills paid on a regular basis
20
How do you determine your net worth?
Calculator
All of the Above
Google
Statement of Financial Position
