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Intro Ch 16 Review
Test Description: Review for chapter 16 test
Instructions: Answer all questions to get your test result.
1) The process of good money management should start with...
A
knowing your current financial status
B
improving your credit score
C
developing a good financial plan
D
getting free and clear of all debt
2) A record of your assets and liabilities is called...
A
a balance sheet
B
a credit report
C
your net worth
D
a cash flow statement
3) Which of the following will a budget not do?
A
jEnsure that you will avoid financial emergencies.
B
Help you make wise buying decisions.
C
Allow you to live within your income.
D
Help you avoid credit problems.
4) The amount of money you plan to use for a certain budget category is...
A
a budget variance
B
a fixed expense
C
a variable expense
D
an allowance
5) The difference between actual spending and budgeted spending is called...
A
a financial plan
B
a budget variance
C
an allowance
D
your net worth
6) Why should you not use your checkbook as a budgeting system?
A
There is nowhere to record transactions.
B
It does not allow you to plan for future spending.
C
It won\'t help you keep track of spending.
D
You will forget how much you spent on certain items.
7) If you don\'t have a lot of money, you don\'t need a financial plan.
A
True
B
False
8) Financial planning will do all of the following, except...
A
allow you to gain control of you financial activity
B
make activities like saving more systematic
C
help your family members understand your financial situation in case something happens to you
D
eliminate your financial uncertainties
9) What does this picture illustrate?
A
a personal financial filing system
B
a financial life cycle
C
a budget
D
a financial plan
10) Which of the following is not part of estate planning?
A
distribution of property at one\'s time of death
B
accumulating property during one\'s lifetime
C
management of property during one\'s lifetime
D
planning for retirement
*select an answer for all questions
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