2023 Semester Exam - Business Foundations

A money principle to keep in mind is to live on _______ you make.

The following elements describe a SMART goal

Personal finance is all the financial decisions a(n) ___ must make in order to earn, budget, save, spend, and give money

You should always make sure you have a ___________________.

What is income?

All ATM machines charge a fee to use them.

What should you do if you overspend in one category of your budget?

If your assets total more than your liabilities, you will have a(n) _______ net worth.

What is the definition of a major decision?

A checking account is a very common type of account that offers safety and convenience.

Achieve in a time period of less than one year.

Avoiding debt can lead to financial freedom and hope.

Going to the movies is an example of what types of expenses?

What is a goal?

Detailed categories on your budget will help you make better spending decisions.

Personal finance is 20% _______ and 80% ________.

What are the Five Foundations?

What is an expense?

Which of the following is not a check endorsement type?

What is a monthly statement?

What are the Four Walls?

An important money principle to consider is that you should _____ and _____ your money.

Using the Rule of 72, how many years would it take an investment of $500 to double given an interest rate of 6%

How does an individual “bounce a check”?

How often should you create a budget?

Specific objectives to be accomplished through financial planning.

Your monthly rent payment is an example of a variable expense.

An individual can “bounce a check” if he/she has sufficient funds in a checking account.

Net income is the amount you get paid before taxes.

What is the best way to avoid running out of money too quickly?

Checks and debit cards can be used to withdraw funds or make purchases from a checking account.

To know your net worth, subtract your liabilities from your _____.

What does it mean to reconcile an account?

Which of the following is NOT a component of a budget?

Help individuals prepare for success in the workplace.