PF 8.03: Question Preview (ID: 15298)


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Chris entered the amount of income and expenses he expected to have in his spending plan spreadsheet for the current month. What step in the spending plan process should Chris do
a) Evaluate how well the spending plan worked b) Implement the spending plan c) Organize a recordkeeping format d) Set smart financial goals
Jane recorded $200 in total actual income and $300 total actual expenses in July. What is Jane’s net gain or net loss for July?
a) Net gain of $100 b) Net gain of $500 c) Net loss of $100 d) Net loss of $500
In December Barb spent 200 on gifts withdrew 300 from her savings account gave her mom 250 to help with household expenses spent 125 for new winter clothes and earned 350 expenses?
a) $575 b) $675 c) $875 d) $1,225
What is an income?
a) Money earned---from wages, salaries, tips, withdrawals from savings, interest earnings, scholarships b) Money spent---for both fixed and flexible expenses; an expenditure c) An expense that is due by a certain date, often agreed upon in a contract, and difficult to change i d) An expense that is not due by a certain date and is easy to reduce or eliminate
What is an expense?
a) An expense that is due by a certain date, often agreed upon in a contract, and difficult to change i b) Money spent---for both fixed and flexible expenses; an expenditure c) An expense that is not due by a certain date and is easy to reduce or eliminate d) Money earned---from wages, salaries, tips, withdrawals from savings, interest earnings, scholarships
What is a fixed expense?
a) Money spent---for both fixed and flexible expenses; an expenditure b) An expense that is due by a certain date, often agreed upon in a contract, and difficult to change i c) An expense that is due by a certain date, often agreed upon in a contract, and difficult to change i d) Money earned---from wages, salaries, tips, withdrawals from savings, interest earnings, scholarships
What is a spending plan?
a) A financial goal that states exactly WHEN the goal needs to be reached b) Tracking expenses in a checkbook register divided into spending plan categories c) Make realistic decisions and estimates for categories of the spending plan d) A financial statement used to track expenses from day to day
What is a check register system?
a) Tracking expenses in a checkbook register divided into spending plan categories b) A financial statement used to track expenses from day to day c) Make realistic decisions and estimates for categories of the spending plan d) A financial goal that states exactly WHEN the goal needs to be reached
What is a measurable financial goal?
a) A financial goal that gives an exact dollar amount b) A financial goal that states exactly what is to be done with money c) A financial goal that states exactly what is to be done with money d) A financial goal that states exactly WHEN the goal needs to be reached
What is a time-bound financial goal?
a) A financial goal that states exactly WHEN the goal needs to be reached b) A financial goal that gives an exact dollar amount c) A financial goal that states exactly what is to be done with money d) A financial goal that states exactly what is to be done with money
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