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BML Final Set 17
Test Description: BML Final Set 17
Instructions: Answer all questions to get your test result.
1) Good money management includes
A
getting the most out of the money you have.
B
spending money only on emergencies.
C
finding some way to satisfy all of your wants and needs.
D
spending far less than you make.
2) Putting together a budget is
A
only done when seeking to influence investors.
B
only done when required for a loan.
C
not very time consuming.
D
a waste of time if you can keep track of things in your head.
3) To begin the financial planning process, you should
A
purchase life and health insurance.
B
seek a high-paying job or other source of money.
C
create a balance sheet and cash flow statement.
D
develop financial goals.
4) A person's reputation for paying bills on time is
A
character.
B
collateral.
C
capital.
D
capacity.
5) A person's ability to pay bills on time is
A
character.
B
collateral.
C
capital.
D
capacity.
6) If Little Jimmy has $100 and decides to go to Universal Studios instead of buying a new mp3 player, he has
A
made a poor economic decision.
B
ignored the concept of scarcity.
C
gone against his budget.
D
made an economic tradeoff.
7) Which of these is a disadvantage of using credit?
A
increased credit rating
B
convenience
C
overbuying
D
immediate possession
8) Which of these is an advantage of using credit?
A
debt
B
overbuying
C
interest payments
D
convenience
9) Which of these is NOT a major category of business insurance?
A
personnel
B
operations
C
property
D
technology
10) Which of these is NOT one of the three Cs of credit?
A
credit rating
B
capital
C
character
D
capacity
*select an answer for all questions
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