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Intro Ch 16 Review
Test Description: Review for chapter 16 test
Instructions: Answer all questions to get your test result.
1) The process of good money management should start with...
A
improving your credit score
B
developing a good financial plan
C
knowing your current financial status
D
getting free and clear of all debt
2) A record of your assets and liabilities is called...
A
a cash flow statement
B
a balance sheet
C
a credit report
D
your net worth
3) Which of the following will a budget not do?
A
Help you make wise buying decisions.
B
Allow you to live within your income.
C
jEnsure that you will avoid financial emergencies.
D
Help you avoid credit problems.
4) The amount of money you plan to use for a certain budget category is...
A
a variable expense
B
an allowance
C
a budget variance
D
a fixed expense
5) The difference between actual spending and budgeted spending is called...
A
a financial plan
B
your net worth
C
a budget variance
D
an allowance
6) Why should you not use your checkbook as a budgeting system?
A
You will forget how much you spent on certain items.
B
It won\'t help you keep track of spending.
C
It does not allow you to plan for future spending.
D
There is nowhere to record transactions.
7) If you don\'t have a lot of money, you don\'t need a financial plan.
A
False
B
True
8) Financial planning will do all of the following, except...
A
make activities like saving more systematic
B
eliminate your financial uncertainties
C
allow you to gain control of you financial activity
D
help your family members understand your financial situation in case something happens to you
9) What does this picture illustrate?
A
a financial plan
B
a budget
C
a financial life cycle
D
a personal financial filing system
10) Which of the following is not part of estate planning?
A
management of property during one\'s lifetime
B
planning for retirement
C
accumulating property during one\'s lifetime
D
distribution of property at one\'s time of death
*select an answer for all questions
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