Money Management Question Preview (ID: 33600)


WISE Test Review Questions. TEACHERS: click here for quick copy question ID numbers.

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 outflow deficit
b) an income overage
c) a budget variance
d) a budget deficit

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) worse off financially the person is
c) more liquid assets the person has
d) less liquid assets the person has

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) the tobacco industry imports most of the tobacco.
c) their cost is controlled b the Food and Drug Administration (FDA).
d) the government imposes an excise tax on them.

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) capital gains on the investment will be taxed at a lower rate.
b) fees will not be charged by brokers for selling the investment.
c) money earned on the investment will be considered tax-free.
d) profits on the investment can be averaged over the length of time the investment is held.

Electricity and food expenditures are
a) variable expenses that change from one period to another
b) discreet expenses that do not have to be paid monthly
c) fixed expenses that remain the same from one period to another
d) personal expenses for an individual or family

The financial planning process
a) includes lifetime goals
b) needs to be adjusted for changing needs and goals in different stages of life
c) does not need to be revised for changing income and needs
d) guarantees that assets will increase

Financial planning is important because it helps you to:
a) have higher expectations
b) eliminate risk on investments
c) reach financial goals and protect your assets
d) achieve all personal goals

Another term for the dollar amount of your paycheck after taxes and other withholdings is
a) discretionary income
b) adjusted gross income
c) net income
d) gross income

An example of a fixed expense is
a) entertainment
b) apartment rent
c) restaurants
d) vacations

When deciding between two job offers with a simialr salary offer, a person should first consider:
a) travel time to the work location and the size of the organization
b) retirement and health plans
c) tuition reimbursement and bonus potential
d) reputation of the organization

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