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D/S Unit 1 Test Review MC
Test Description: Multiple Choice
Instructions: Answer all questions to get your test result.
1) Which of the following is a consequence of overdrawing your checking account? *
A
Bounced check fee from the store Stress from money mismanagement
B
Stress from money mismanagement
C
All of these
D
intermittent expense
2) Rent is a
A
variable expense
B
intermittent expense
C
fixed expense
D
discretionary expense
3) Eating out is a
A
fixed expense
B
discretionary expense
C
variable expense
D
intermittent expense
4) Groceries are a
A
intermittent expense
B
discretionary expense
C
variable expense
D
fixed expense
5) Car repairs are a
A
fixed expense
B
intermittent expense
C
variable expense
D
discretionary expense
6) A written budget, if followed, removes from your finances. *
A
overspending
B
guilt
C
management by crisis
D
All of these
7) Percentage of Americans living paycheck to paycheck:
A
50
B
70
C
40
D
25
8) The zero-based budget is the best method of budgeting because:
A
A zero-based budget allows less money for wants
B
The zero-based budget ensures that every dollar you make is assigned a specific purpose
C
Sticking to a zero-based budget requires less discipline
D
This type of budget is less complicated than other types of budgets
9) Which of the following account records would have the most current balance?
A
All of these records will have accurate account balances
B
Your own account register
C
Account balance statement from the ATM
D
Your monthly bank statement
10) Instead of borrowing money for large purchases, you should set money aside in a ____ over time and pay with cash.
A
mortgage fund
B
credit card fund
C
emergency fund
D
sinking fund
11) What does it mean to have a negative savings rate?
A
Having no savings at all
B
Spending more money than you make and acquiring debt
C
Having a fully funded emergency fund
D
Saving for something that is a want instead of a need
12) The saving habits of Ben and Arthur best illustrate which principle of saving?
A
The amount of the initial investment is the key.
B
Both the length of time and the rate of return matters.
C
Only the rate of return matters.
D
Only the length of time money is invested matters.
13) Using the sinking fund approach, how much do you have to save each month to buy a $4,800 car one year from now?
A
$275
B
$300
C
$500
D
$400
14) At your age, a fully funded emergency fund should be:
A
$500
B
$100
C
$5000
D
$1000
15) Which of the following is a reason that people donʹt save money?
A
They lack discipline
B
They don't live on a budget
C
All of these
D
They lack focus
16) Which of the following is NOT one of the three basic reasons for saving money?
A
Emergency fund
B
Building Wealth
C
Large purchases
D
Have money available to lend to friends
17) Why is having a fully funded emergency fund so important when it comes to your financial well-being?
A
As long as you have a good-paying job, you really donʹt need an emergency fund.
B
To have money set aside for unexpected financial emergencies so you can have financial security
C
The purpose of an emergency fund is to have money set aside for large purchases, like vacations.
D
None of these
18) Key components of financial planning include all of the following except:
A
Allow your financial planner to make all of your major money decisions
B
Write out a detailed plan for accomplishing your goals
C
Replace money myths with money truths
D
Regularly monitor and reassess your financial plan
19) Which of the following statements best explains why income alone does not determine wealth?
A
Income alone does determine a personʹs wealth.
B
How much money a person makes does not dictate his or her spending and saving behavior.
C
Investing is the only factor that contributes to wealth building.
D
Only people who are natural savers can become wealthy.
20) When it comes to managing money, success is about __% knowledge and __% behavior.
A
60,40
B
20,80
C
50,50
D
80,20
*select an answer for all questions
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