Question 1

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

Accepted Answer

A)  Rent
B)  Installment loan payment
C)  Mortgage payment
D)  Monthly train ticket for commuting to work
E)  Electricity billF) B) and E)
G) C) and E)

Question 2

What types of financial records and documents should be kept in a safe deposit box?

Accepted Answer

A safe deposit box should be used to sto...

Question 3

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

Accepted Answer

A)  fixed
B)  usage
C)  variable
D)  luxury
E)  outputF) D) and E)
G) B) and D)

Question 4

Jamie McFarland has determined that the value of her liquid assets is $4,500,the value of her real estate is $128,000,the value of her personal possessions is $62,000,and the value of her investment assets is $73,000.She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000.What is the total value of her assets?

Accepted Answer

A)  $267,500
B)  $105,500
C)  $162,000
D)  $205,500
E)  None of theseF) All of the above
G) B) and E)

Question 5

A budget is a specific plan of how a person or family will spend their money.

Accepted Answer

A) True 
 B)False

Question 6

A home file should be used for:

Accepted Answer

A)  storing all financial documents and records.
B)  financial records for current needs.
C)  documents that require maximum security.
D)  obsolete financial documents.
E)  records that are difficult to replace.F) None of the above
G) C) and E)

Question 7

Which of the following is typically considered to be a personal financial record?

Accepted Answer

A)  Birth certificate
B)  Marriage license
C)  Certificate of deposit
D)  Social Security card
E)  All of theseF) B) and C)
G) A) and D)

Question 8

An investment account that increases from $1,000 to $1,005 in a month is earning approximately __ percent annual interest.

Accepted Answer

A)  0.5
B)  5.0
C)  6.0
D)  10.0
E)  11.0F) A) and E)
G) B) and D)

Question 9

Characteristics of successful budgets include being:

Accepted Answer

A)  well-planned.
B)  realistic.
C)  flexible.
D)  clearly communicated.
E)  All of theseF) A) and D)
G) A) and E)

Question 10

A retirement account is an example of a ____________ asset.

Accepted Answer

A)  personal
B)  common
C)  investment
D)  household
E)  budgetedF) B) and C)
G) A) and B)

Question 11

Which type of financial records includes stock and bond reports?

Accepted Answer

A)  Investment
B)  Insurance
C)  Estate planning
D)  Tax
E)  Consumer purchaseF) A) and D)
G) D) and E)

Question 12

In order to determine net worth,you would create what kind of report?

Accepted Answer

A)  Written budget
B)  Balance sheet
C)  Cash flow statement
D)  SWOT analysis
E)  Physical budgetF) C) and E)
G) A) and B)

Question 13

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

Accepted Answer

A)  Current liabilities
B)  Long term liabilities
C)  Net worth
D)  Variable expenses
E)  Fixed expensesF) None of the above
G) C) and D)

Question 14

List the four phases of budgeting and describe the details of each phase.

Accepted Answer

Phase 1: Assess Your Current Situation.
...

Question 15

Which of the following can be minimized through budgeting?

Accepted Answer

A)  Overusing credit
B)  Lacking a regular savings program
C)  Failing to ensure future financial security
D)  All of these
E)  None of theseF) A) and B)
G) All of the above

Question 16

Katherine Kocher has determined the following information about her own financial situation.Her checking account is worth $850 and her savings account is worth $1,200.She owns her own home that has a market value of $98,000.She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300.She has a car worth $12,500.She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550.What is the value of her investment assets?

Accepted Answer

A)  $2,050
B)  $98,000
C)  $27,800
D)  $44,050
E)  $171,900F) C) and D)
G) A) and D)

Question 17

Which of the following would be considered a long-term liability?

Accepted Answer

A)  Charge account payment
B)  Mortgage
C)  Six month personal loan
D)  Amount due for taxes
E)  Amount due on a credit cardF) B) and C)
G) A) and E)

Question 18

Furniture,jewelry,and an automobile are examples of liquid assets.

Accepted Answer

A) True 
 B)False

Question 19

A family has a net worth of $156,000 and liabilities of $167,000,what is the amount of their assets?

Accepted Answer

A)  $11,000
B)  $156,000
C)  $167,000
D)  $323,000
E)  $452,000F) C) and D)
G) A) and E)

Question 20

Financial payments that do not vary each month are referred to as:

Accepted Answer

A)  fixed expenses.
B)  variable expenses.
C)  cash flow.
D)  insolvency.
E)  budget variance.F) C) and D)
G) All of the above

Exam 3: Money Management Strategy: Financial Statements and Budgeting

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

Correct Answer
verified

Characteristics of successful budgets include being:

Correct Answer
verified

Which of the following can be minimized through budgeting?

Correct Answer
verified

A budget is a specific plan of how a person or family will spend their money.

Correct Answer
verified

Which of the following would be considered a long-term liability?

Correct Answer
verified

Financial payments that do not vary each month are referred to as:

Correct Answer
verified

What types of financial records and documents should be kept in a safe deposit box?

Correct Answer
verified
A safe deposit box should be used to sto...
View Answer

In order to determine net worth,you would create what kind of report?

Correct Answer
verified

Which type of financial records includes stock and bond reports?

Correct Answer
verified

A home file should be used for:

Correct Answer
verified

Correct Answer
verified

An investment account that increases from $1,000 to $1,005 in a month is earning approximately __ percent annual interest.

Correct Answer
verified

A family has a net worth of $156,000 and liabilities of $167,000,what is the amount of their assets?

Correct Answer
verified

Furniture,jewelry,and an automobile are examples of liquid assets.

Correct Answer
verified

Which of the following is typically considered to be a personal financial record?

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

A retirement account is an example of a ____________ asset.

Correct Answer
verified

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

Correct Answer
verified

List the four phases of budgeting and describe the details of each phase.

Correct Answer
verified
Phase 1: Assess Your Current Situation.
...
View Answer

Exam 3: Money Management Strategy: Financial Statements and Budgeting

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

Correct AnswerverifiedShow Answer

Characteristics of successful budgets include being:

Correct AnswerverifiedShow Answer

Which of the following can be minimized through budgeting?

Correct AnswerverifiedShow Answer

A budget is a specific plan of how a person or family will spend their money.

Correct AnswerverifiedShow Answer

Which of the following would be considered a long-term liability?

Correct AnswerverifiedShow Answer

Financial payments that do not vary each month are referred to as:

Correct AnswerverifiedShow Answer

What types of financial records and documents should be kept in a safe deposit box?

Correct AnswerverifiedA safe deposit box should be used to sto...View AnswerShow Answer

In order to determine net worth,you would create what kind of report?

Correct AnswerverifiedShow Answer

Which type of financial records includes stock and bond reports?

Correct AnswerverifiedShow Answer

A home file should be used for:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

An investment account that increases from $1,000 to $1,005 in a month is earning approximately __ percent annual interest.

Correct AnswerverifiedShow Answer

A family has a net worth of $156,000 and liabilities of $167,000,what is the amount of their assets?

Correct AnswerverifiedShow Answer

Furniture,jewelry,and an automobile are examples of liquid assets.

Correct AnswerverifiedShow Answer

Which of the following is typically considered to be a personal financial record?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A retirement account is an example of a ____________ asset.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

List the four phases of budgeting and describe the details of each phase.

Correct AnswerverifiedPhase 1: Assess Your Current Situation....View AnswerShow Answer

Correct Answer
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A safe deposit box should be used to sto...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Phase 1: Assess Your Current Situation.
...
View Answer