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Money Management
Test Description: WISE test review questions
Instructions: Answer all questions to get your test result.
1) A man budgeted $200 a month for clothing. This month the man spent $150 on clothing therefore that budget item is considered to have
A
an income overage
B
an outflow deficit
C
a budget variance
D
a budget deficit
2) A person's debt ratio shows the relationship between debt and net worth. The lower the ratio the
A
better off financially the person is
B
more liquid assets the person has
C
less liquid assets the person has
D
worse off financially the person is
3) A person complains about how expensive it is to be a cigarette smoker. One of the reasons cigarettes are so expensive is that
A
the tobacco supply is controlled by the Federal Trade Commission (FTC).
B
their cost is controlled b the Food and Drug Administration (FDA).
C
the government imposes an excise tax on them.
D
the tobacco industry imports most of the tobacco.
4) One of the benefits of holding an investment for over a year rather than selling it in less than a year is that the
A
money earned on the investment will be considered tax-free.
B
profits on the investment can be averaged over the length of time the investment is held.
C
capital gains on the investment will be taxed at a lower rate.
D
fees will not be charged by brokers for selling the investment.
5) Electricity and food expenditures are
A
variable expenses that change from one period to another
B
personal expenses for an individual or family
C
discreet expenses that do not have to be paid monthly
D
fixed expenses that remain the same from one period to another
6) The financial planning process
A
needs to be adjusted for changing needs and goals in different stages of life
B
includes lifetime goals
C
does not need to be revised for changing income and needs
D
guarantees that assets will increase
7) Financial planning is important because it helps you to:
A
reach financial goals and protect your assets
B
eliminate risk on investments
C
have higher expectations
D
achieve all personal goals
8) Another term for the dollar amount of your paycheck after taxes and other withholdings is
A
discretionary income
B
net income
C
adjusted gross income
D
gross income
9) An example of a fixed expense is
A
apartment rent
B
vacations
C
restaurants
D
entertainment
10) When deciding between two job offers with a simialr salary offer, a person should first consider:
A
retirement and health plans
B
travel time to the work location and the size of the organization
C
tuition reimbursement and bonus potential
D
reputation of the organization
*select an answer for all questions
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