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