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Exam 3: Money Management Strategy: Financial Statements and Budgeting

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Question 31

Multiple Choice

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Opportunity costs refer to:

A) current spending habits.
B) changing economic conditions that affect a person's cost of living.
C) storage facilities to make financial documents easily available.
D) trade-offs associated with money management decisions.
E) avoiding the use of consumer credit.

F) A) and B)
G) A) and C)

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Question 32

Multiple Choice

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Which of the following items is something that would typically not be stored in a safe deposit box?

A) Rare coins
B) Passport
C) Car title
D) Birth certificate
E) Bank statements

F) D) and E)
G) A) and B)

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Question 33

Multiple Choice

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This month,Kenneth Goldberg has cash inflows of $2,950 and cash outflows of $2,800,resulting in a:

Which of the following financial documents would most likely be stored in a safe-deposit box?

George Green has determined that the amount of money he spends on his mortgage payment,car loan payment,and home insurance payment totals $1,200 every month.What type of expenses has George determined with this calculation?

For many years,the United States has ranked highest among industrial nations in savings rate.

Describe the main components and purpose of a personal balance sheet and a cash flow statement?

Money management refers to long-term investment decisions.

Patricia McDonald has determined the following information about her own financial situation.Her checking account is worth $545 and her savings account is worth $1,000.She owns her own home that has a market value of $119,000.She has furniture and appliances worth $8,500 and a laptop worth $1,200.She has a car worth $9,700 and owes $8,200 on her auto loan.She has also purchased some stock worth $5,500 and she has a retirement account worth $27,655.What is the total value of her assets?

The 50/30/20 financial rule of thumb suggests that 20 percent of income be used for:

Leeanna Roberts uses a computer to organize her personal financial records and update her budget activities.These activities are an example of:

Kathy Thompson has determined that the value of her assets is $64,000 and the value of her debts is $23,000.The difference between these two is $41,000.The $41,000 could be referred to as her:

Flexible payments that change from month to month are referred to as:

Payments that do not vary from month to month are ________ expenses.

Cash and other tangible property (with a monetary value) that you own are referred to as:

A cash flow statement reports a person's or a family's:

Which of the following payments would be considered a variable expense?

A budget deficit would result when a person's or family's:

A person's net worth is the difference between the value of the items owned and the amounts owed to others.

The 50/30/20 financial rule of thumb suggests that 50 percent of income be used for: