Unit 5 REVIEW - Finance
Quiz by Bobbie Jarvis
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20 questions
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- Q11. Which of these costs would be the MOST difficult to adjust if you were looking to reduce your expenses?Loan payment on a new carExpenses for new clothesPostponing a purchase for a big-screen TVDining out at local restaurants30s
- Q22. Maintaining a balanced budget requiresDecreasing assets and increasing liabilitiesResponsibility, and a sense of reality and restraintDeficit spending and payday lendingCharacter, collateral and capacity30s
- Q33. In determining your net worth which of the following is considered an asset?A student loanA credit reportA certificate of deposit (CD)A medical bill30s
- Q44. At the end of the month you have discretionary income available after all expenses have been paid. The budget this month has a:Capital gainLoanDeficitSurplus30s
- Q5You have total assets of $240,000 and total liabilities of $125,000. What is your net worth?$110,000$112,000$115,000$117,00030s
- Q66. All effective financial goals should:Have the approval of a financial advisorSolely be based on current needsBe achieved in five yearsHave target dates for achiemement30s
- Q77. An example of a variable expense isschool tuitionmedical expensesan auto insurance premiuma mortgage payment30s
- Q88. A good reason for a person to prepare and use a monthly budget is to:Manage her income and expenses to achieve financial goalsLower car insurance premiumsProve to her employer that her salary should be increasedIncrease her investment income30s
- Q99. Aaron realizes he has a budget deficit of roughly $175 at the end of two months in a row. Which of these options makes the most sense for him to fix his problem?Sell his current car and get a less expensive vehicleCancel his cable TV subscription and go out to dinner three fewer times each month with friendsStart paying just the minimum monthly payment on his student loan and credit card debt, instead of the extra he's been contributingContribute $100 less to savings each month and $75 less to his retirement fund30s
- Q1010. Which of the following is not an Asset?Your sports equipmentMoney in your paycheck that you will receive next weekMoney in your checking accountThe market value of your car30s
- Q1111. Your net worth is $10,000. You have $25,000 in assets. How much do you have in liabilities$5,000$10,000$35,000$15,00030s
- Q1212. Which is the most difficult budget item for a person to change?Fixed expensesMonthly savingsVariable expensesDiscretionary income30s
- Q1313. You overhear your cousin talking about the importance of creating and sticking to a budget. Which of the following reasons he gives below is actually FALSE?Using a budget can allow you to work towards your financial goals.Using a budget can qualify you for special discounts at your favorite storesA budget can help you identify any bad spending habits.Having a budget can help you create an emergency fund.30s
- Q1414. When you are determining your net worth, your car loan is considered:A capital lossAn assetA liabilityA capitalgain30s
- Q1515. When setting long-term financial goals, it is important to know that these goals should be:The same as those of other people that are the same ageRealistic to achieveAchievable with in one yearBased on a person's current salary30s