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LIBF -Unit 3 - Topic 4 - Budgeting Flashcards | StudBud
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LIBF -Unit 3 - Topic 4 - Budgeting
LIBF -Unit 3 - Topic 4 - Budgeting
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Unit 3 - Budgeting
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Spending plans are complete when...
both 1 and 2
it's never complete
you reach your goal
you have a net gain
2
Greg is creating Statement of Financial position. Which of the following is NOT an asset?
Money in the paycheck he will receive next week
Money in his checking account
His DJ equipment
The market value of his car
3
Which of the following is NOT part of the spending plan development process:
Save and file your receipts
Evaluate and make adjustments
Implement and control
Track current income and expense
4
Which of the following is NOT a control system for your spending plan?
hiding money under your mattress
bank programs
envelope system
computer software
5
Which of the following is NOT part of the 3 money management tools:
Statement of Financial Position
Shopping Plans
Income & Expense Statement
Budget Statement
6
Which is NOT a component of an income and expense statement?
expenses
income
variables
net gain/net loss
7
"Pay yourself first" means:
put some extra cash away for a rainy day
take yourself out to dinner
save 10% of your net pay every month
drain your emergency fund
8
The difference between planned and actual.
Budgeting Variance
Money not spent
Budget
Varying costs
9
When allocating money for your spending plan what should you consider?
all of the above
goals
trade-offs and opportunity costs
contractual expenses
10
Which of the following is an objective measure of wealth?
net gain
net loss
asset
net worth
11
Your income and expense statement tells you how you have managed your money in the ...?
future
present
none of the above
past
12
Expenses vary for every person.
false
true
13
Money owed to others.
net loss
assets
expenses
liabilities
14
Comparison shopping is when you put one item back before you check out.
false
true
15
Bob has a net worth of $116,000 and Jim has a net worth of $100,000. Who is wealthier?
Bob
Jim
Neither
16
A person can have a large income but low net worth.
false
true
17
Which of the following is NOT a contractual expense:
cable/internet
food
cell phone
rent
18
To calculate your net worth use should you which formula?
assets + liabilities = net worth
assets/liabilities = net worth
assets - liabilities = net worth
assets x liabilities = net worth
19
Comparison shopping saves you:
time and stress
money and time
all of the above
stress and money
20
Tracking current income and expenses insures:
you need more assests
your spending plan is under control
your spending plan is realistic
you have enough money coming in
21
If your expenses are exceeding your income what would be the best solution?
Earn less income
increase purchases
decrease expenses
use your credit card more
