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- 1. Multiple Choice1) A credit card bill is best kept in which of the following places?a. Safe deposit boxb. Off-site backupc. Home filed. This bill doesn’t need to be kept.
- 2. Multiple Choice2) What is true about computer files of financial records?a. They should be backed up regularly.b. Financial records should never be kept in computer files.c. All records can be kept electronically.d. They are less susceptible to theft.
- 3. Multiple Choice3) What types of records are best kept in safe deposit boxes?a. Credit card billsb. Budgetsc. Cash flow statementsd. Valuable records like marriage records or stock certificates
- 4. Multiple Choice4) What is a record of income and expenditures for a particular period?a. Personal balance sheetb. Cash flow statementc. Net worthd. None of the above
- 5. Multiple Choice5) What is an example of a liquid asset?a. Money in a savings accountb. Real estatec. Boatd. All of the above
- 6. Multiple Choice6) What is simply a spending plan that we create to help manage our money?a. Personal balance sheetb. Cash flow statementc. Net worthd. Budget
- 7. Multiple Choice7) What is the first step in creating a cash flow statement?a. Record your expendituresb. Record your incomec. Record insuranced. Record credit card payments
- 8. Multiple Choice8) What budgeting option is best used only with limited resources and expenses?a. Mental budgetingb. Physical budgetingc. Written budgetingd. Software budgeting
- 9. Multiple Choice9) The first step in creating a cash flow statement is which of the following?a. Recording financial goalsb. Recording expensesc. Recording incomed. Recording tax information
- 10. Multiple Choice10) What is a characteristic of a successful budget?a. Inflexibleb. Kept privatec. Realisticd. All of the above
- 11. Multiple Choice11) What is a reason for keeping organized financial records?a. Paying billsb. Filing taxesc. Measuring financial statusd. All of the above
- 12. Multiple Choice12) What is a common mistake made in budgeting?a. Over-estimating expensesb. Budgeting for financial goals or savings lastc. Writing the budget downd. All of the above
- 13. Multiple Choice13) What is an example of a long term liability?a. Mortgageb. Tax paymentc. Doctor’s billd. Electric bill
- 14. Multiple Choice14) What is an assessment of what you own and what you owe?a. Personal balance statementb. Cash flow statementc. Budget statementd. Liability statement
- 15. Multiple Choice15) What type of budget involves placing money into envelops?a. Mental budgetb. Physical budgetc. Written budgetd. Software budget
- 16. Multiple Choice16) It is not important to keep financial records since they can all be found online.a. Trueb. False
- 17. Multiple Choice17) A home file is the place where you should keep financial records that you may need to access regularly.a. Trueb. False
- 18. Multiple Choice18) Personal financial statements are a good way of measuring our current finances and giving us information about our financial activities.a. Trueb. False
- 19. Multiple Choice19) Liquid assets are those that cannot be easily converted to cash.a. Trueb. False
- 20. Multiple Choice20) The first step in creating a budget is to identify your expenses.a. Trueb. False
- 21. Multiple Choice21) Financial goals should not be considered when creating a budget.a. Trueb. False
- 22. Multiple Choice22) Liabilities are the amounts of money due to others that need to be paid now.a. Trueb. False
- 23. Multiple Choice23) Net worth is the difference between your assets and your liabilities.a. Trueb. False
- 24. Multiple Choice24) Only individuals that make over $50,000 per year should worry about creating a cash flow statement.a. Trueb. False
- 25. Multiple Choice25) A budget variance is any difference between what was actually spent during the time period and the budget.a. Trueb. False
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