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