Personal Finance 8.02: Question Preview (ID: 14529)


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Chuck prepared an income and expense statement, he found a way to plan his budget so he would not have to borrow money. Which benefit of financial planning does this illustrate?
a) Being financially independent b) Increasing the need for credit c) Dereased sense of security d) Not having resources to maintain standard of living
Laura earned $40 this month and received $100 from a savings bond. She borrowed $25 and spent $120. Laura should list $5 on her income and expense statement as:
a) expenses. b) net loss. c) net gain. d) income.
Jan spent $50 this month on clothing and $65 on entertainment. Jan should list these on her income and expense statement as:
a) expenses b) net loss c) net gain d) income
Marie\'s balance sheet showed that the difference between her assets and liabilities was $5,000. This is the amount of Marie\'s:
a) asset. b) net worth c) liability d) balance sheet
Jason has $500 in a savings account. He should list this on his balance sheet as a(n):
a) asset. b) owner\'s equity. c) net worth. d) liability.
Karen owes her grandmother $85. She should list this on her balance sheet as a(n):
a) asset b) owner\'s equity. c) net worth. d) liability.
Lily ran out of cash before getting paid for each of the past three pay periods. In order to take a closer look at her recent monthly earnings and spending, Lily needs to prepare a
a) balance sheet. b) spending plan. c) savings plan. d) income and expense statement.
Haley just finished listing her financial goals and wants to determine her net worth. Haley needs to prepare a(n):
a) balance sheet b) spending plan. c) savings plan. d) income and expense statement.
How much should you put in your primary emergency fund?
a) $100 b) $10 c) $1,000 d) $1,000,000,000,000
Where should you put your emergency fund?
a) sock drawer b) buried in the back yard c) bet on a horse d) money market account
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