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Money Management
Test Description: WISE test review questions
Instructions: Answer all questions to get your test result.
1) 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
a budget variance
C
an income overage
D
a budget deficit
2) A person's debt ratio shows the relationship between debt and net worth. The lower the ratio the
A
more liquid assets the person has
B
better off financially the person is
C
worse off financially the person is
D
less liquid assets the person has
3) 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 industry imports most of the tobacco.
B
their cost is controlled b the Food and Drug Administration (FDA).
C
the government imposes an excise tax on them.
D
the tobacco supply is controlled by the Federal Trade Commission (FTC).
4) 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
money earned on the investment will be considered tax-free.
B
profits on the investment can be averaged over the length of time the investment is held.
C
fees will not be charged by brokers for selling the investment.
D
capital gains on the investment will be taxed at a lower rate.
5) Electricity and food expenditures are
A
personal expenses for an individual or family
B
variable expenses that change from one period to another
C
fixed expenses that remain the same from one period to another
D
discreet expenses that do not have to be paid monthly
6) The financial planning process
A
needs to be adjusted for changing needs and goals in different stages of life
B
does not need to be revised for changing income and needs
C
guarantees that assets will increase
D
includes lifetime goals
7) Financial planning is important because it helps you to:
A
reach financial goals and protect your assets
B
eliminate risk on investments
C
have higher expectations
D
achieve all personal goals
8) Another term for the dollar amount of your paycheck after taxes and other withholdings is
A
gross income
B
adjusted gross income
C
discretionary income
D
net income
9) An example of a fixed expense is
A
apartment rent
B
entertainment
C
restaurants
D
vacations
10) When deciding between two job offers with a simialr salary offer, a person should first consider:
A
reputation of the organization
B
travel time to the work location and the size of the organization
C
tuition reimbursement and bonus potential
D
retirement and health plans
*select an answer for all questions
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