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Chapter 28 Review - Application
Test Description: Ch 28 Application
Instructions: Answer all questions to get your test result.
1) The first step in the financial planning process is to
A
identify possible courses of action
B
develop your financial goals
C
determine your financial situation
D
evaluate your alternatives
2) A good way to estimate your monthly expenses is to
A
ask your friends how much they spend
B
keep a record of every amount you spend for one month
C
ask your parents how much you should spend
D
multiply your income by 80 percent
3) If you want to increase your savings,
A
decrease your income
B
use your credit card instead of paying cash
C
increase your expenses
D
increase your income
4) When you make a financial decision,
A
you accept some risk
B
there should be no need to ever change it
C
there is always an enormous risk
D
there is usually no risk because you have done a lot of research
5) When making financial decisions, you should find information
A
in finance-oriented magazines
B
all of the above
C
on corporate web sites
D
in newspapers
6) An important part of financial planning is to
A
understand which risks you can afford to take
B
allow others to take the risk
C
minimize risk to minimize return
D
maximize risk to maximize return
7) Money management is necessary for
A
businesses
B
consumers
C
all of the above
D
government
8) Which of the following does a budget not include?
A
your planned expenses
B
how to increase your income
C
your expected income
D
your planned savings
9) The first step in planning a budget is
A
estimate your income
B
to record what you spend
C
to review your spending and saving patterns
D
to set your financial goals
10) Which of the following is not considered as you prepare to set your financial goals?
A
Are my financial goals practical?
B
What is important to me?
C
Can I ask my employer for a raise to help me meet my financial goals?
D
What do I want to accomplish in the next month?
11) Budgeting for unexpected expenses would include
A
school loans
B
rent
C
car repairs
D
insurance
12) If your planned expenses and savings are more than your income, then
A
reduce savings
B
cut expenses
C
increase expenses
D
increase savings
13) True or False. Corporations never put their financial information on their website so competitors can't see it
A
True
B
False
*select an answer for all questions
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