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Personal Finance Review 1
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) What is the first thing to consider when planning a budget?
A
Financial Goals
B
estimated expenses
C
emergency fund
D
cash flow statement
2) Short-term goals are goals you hope to achieve in how many years?
A
1-7 yrs
B
1-10 yrs
C
1-3 yrs
D
1-5 yrs
3) Which of the following should be included in a goal-planning worksheet?
A
short-term, medium-term, and long-term goals
B
sharing, open-ended, and spending goals
C
short-term, saving, and open-ended goals
D
sharing, spending, and saving goals
4) Which of the following items should always be included in a cash flow statement?
A
income from wages
B
fixed expenses
C
all of the above
D
savings
5) fixed expenses include all of the following except
A
electric bill
B
new tires
C
food
D
house payment
6) You can prepare for unexpected expenses by regularly putting money into a(n)
A
estimated fund
B
variable fund
C
saving fund
D
emergency fund
7) Which of the following most accurately describes a budget deficit?
A
not having enough money to cover expenses
B
expenses owed every month
C
the money left over after all expenses are paid
D
the difference between income and expenses
8) Which of the following is not a quality of a good budget?
A
deficit based
B
goal based
C
flexible
D
pratical
9) Which of the following events would not require reworking a budget?
A
starting a new job
B
having a budget surplus
C
getting married
D
losing a job
10) How can you make sure your budget is on track after you set it up?
A
keep a daily spending log
B
compare your actual income and expenses for one month, and look for a surplus at the end of the mont
C
monitor how much you spend and take in each month
D
compare your budgeted income and expenses with your actual income and expenses for two weeks
*select an answer for all questions
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