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Ch. 12 - Personal Financial Planning

Quiz by Timothy Jenson

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30 questions
Show answers
  • Q1
    The title to your car is an example of a personal financial document.
    True
    False
    60s
  • Q2
    Real estate is an example of a liquid asset.
    True
    False
    60s
  • Q3
    A telephone bill is a long-term liability.
    True
    False
    60s
  • Q4
    Insolvency happens when the total of your liabilities is greater than your assets.
    True
    False
    60s
  • Q5
    Take-home pay is equal to your salary.
    True
    False
    60s
  • Q6
    The total of your fixed and variable expenses is your cash flow.
    False
    True
    60s
  • Q7
    Financial transactions and documents can be saved on a password-protected computer.
    True
    False
    60s
  • Q8
    You should include bonuses you might get at work when you estimate your income.
    True
    False
    60s
  • Q9
    A deficit is when more money is spent than is earned or received.
    False
    True
    60s
  • Q10
    Creating a personal balance sheet is a good way to determine your assets and liabilities.
    True
    False
    60s
  • Q11
    A disadvantage of using a safe-deposit box for keeping financial documents is that it ____.
    Cannot store canceled checks
    Fails to protect documents from fire
    Takes up too much space in your home
    Can cost $100 a year to rent
    60s
  • Q12
    An example of a liquid asset is a ____.
    Retirement account
    Savings account
    House
    Bond
    60s
  • Q13
    An example of a current liability is ____.
    A car loan
    Taxes
    A mortgage
    A student loan
    60s
  • Q14
    A cash flow statement gives you important feedback on your ____.
    Net pay and gross pay
    Income and spending patterns
    Assets and liabilities
    Short-term and long-term debts
    60s
  • Q15
    One use of discretionary income is spending on ____.
    Groceries
    Videos
    Medication
    Transportation
    60s

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