Intro Ch 16 Review: Question Preview (ID: 11720)

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The process of good money management should start with...
a) getting free and clear of all debt
b) developing a good financial plan
c) improving your credit score
d) knowing your current financial status

A record of your assets and liabilities is called...
a) a credit report
b) your net worth
c) a balance sheet
d) a cash flow statement

Which of the following will a budget not do?
a) jEnsure that you will avoid financial emergencies.
b) Allow you to live within your income.
c) Help you avoid credit problems.
d) Help you make wise buying decisions.

The amount of money you plan to use for a certain budget category is...
a) an allowance
b) a budget variance
c) a variable expense
d) a fixed expense

The difference between actual spending and budgeted spending is called...
a) an allowance
b) a budget variance
c) your net worth
d) a financial plan

Why should you not use your checkbook as a budgeting system?
a) It does not allow you to plan for future spending.
b) You will forget how much you spent on certain items.
c) There is nowhere to record transactions.
d) It won\'t help you keep track of spending.

If you don\'t have a lot of money, you don\'t need a financial plan.
a) True
d) False

Financial planning will do all of the following, except...
a) allow you to gain control of you financial activity
b) make activities like saving more systematic
c) help your family members understand your financial situation in case something happens to you
d) eliminate your financial uncertainties

What does this picture illustrate?
a) a financial plan
b) a budget
c) a financial life cycle
d) a personal financial filing system

Which of the following is not part of estate planning?
a) accumulating property during one\'s lifetime
b) distribution of property at one\'s time of death
c) management of property during one\'s lifetime
d) planning for retirement

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