Creating a Personal Budget
a month ago
elugosb507
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15 QuestionsShow answers
  • Question 1
    30 seconds
    Q.

    Which of the following is an example of a personal asset?

    answer choices

    Credit card balance

    Rent

    Cash

    Mortgage

  • Question 2
    30 seconds
    Q.

    An individual has total assets of $120,000 and total liabilities of $80,000. What is his net worth?

    answer choices

    $40,000

    $50,000

    $60,000

    $30,000

  • Question 3
    30 seconds
    Q.

    What does “A” represent in SMART goal setting practices?

    answer choices

    Analyzed

    Adaptable

    Achieved

    Attainable

  • Question 4
    30 seconds
    Q.

    Which of the following is the last step in creating a personal financial plan?

    answer choices

    Implementing the budget

    Balancing income and expenses

    Revising the plan

    Creating financial goals

  • Question 5
    30 seconds
    Q.

    Which of the following are goals which can be achieved in less than a year of time?

    answer choices

    Short-term goals

    Lifetime goals

    Intermediate-term goals

    Long-term goals

  • Question 6
    30 seconds
    Q.

    Based on the 50/30/20 rule for allocating resources, which of the following percentages should be devoted to savings?

    answer choices

    50

    0

    20

    30

  • Question 7
    30 seconds
    Q.

    Which of the following correctly defines the “M” in the goal setting acronym SMART?

    answer choices

    Malleable

    Manageable

    Maintainable

    Measurable

  • Question 8
    30 seconds
    Q.

    Which of the following is NOT a common budgeting strategy?

    answer choices

    Creating a savings plan

    Ensuring expenses are greater than income

    Separating needs from wants

    Establishing an emergency fund

  • Question 9
    30 seconds
    Q.

    Which of the following is an itemized summary of the expected income and expenses for a defined period of time?

    answer choices

    Net worth

    Budget

    Equity

    Balance sheet

  • Question 10
    30 seconds
    Q.

    Which of the following refers to personal belongings which have value?

    answer choices

    Net profit

    Net worth

    Liabilities

    Assets

  • Question 11
    30 seconds
    Q.

    Which of the following is the sum of the individual’s current assets minus the individual’s total liabilities?

    answer choices

    Net worth

    Variable expenses

    Liquid assets

    Budget

  • Question 12
    30 seconds
    Q.

    Which of the following is NOT classified as a spending need?

    answer choices

    Electricity bill

    Rent for a home

    Movie tickets

    Grocery bill

  • Question 13
    30 seconds
    Q.

    Which of the following is considered to be a short-term goal?

    answer choices

    Saving for a college education

    Saving for a retirement fund

    Starting a new career

    Saving for a family vacation

  • Question 14
    30 seconds
    Q.

    Which of the following is considered to be a long-term financial goal?

    answer choices

    Buying a new car

    Saving for a retirement fund

    Paying a specific amount on a credit card bill

    Saving for a family vacation

  • Question 15
    30 seconds
    Q.

    Which of the following refers to individuals who do not consider money as a necessity and do not have much of an opinion on money?

    answer choices

    Flyers

    Spenders

    Security seekers

    Risk takers

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