Managing Your Money Question Preview (ID: 21090)


Depository Institutions, Taxes, Financial Position, Income And Expense, Spending Plans And Budgets (18 Questions). TEACHERS: click here for quick copy question ID numbers.

John has decided to work with a spending plan so he can build up an emergency fund for when he is in college. It is easiest to decrease non-contractual expenses. Which of his expenses best fit that catetory?
a) gasoline, food, and entertainment
b) cell phone bill, gasoline, and car payment
c) internet bill, entertainment, and clothing
d) motorcycle payment, food, and cell phone bill

When is your spending plan complete?
a) Spending plans are always under revision so they are never complete.
b) When you have allocated all your income into categories for the month.
c) When you have all of your current income and expenses recorded
d) Spending plans are complete each December 31st as one year ends and another year begins.

If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a) decrease expenses
b) use a credit card more often
c) earn less income
d) increase purchases

To calculate her net worth Jordyn should use which formula?
a) Assets subtract liabilities equal net worth.
b) Assets multiplied by liabilities equal net worth.
c) Assets plus liabilities equal net worth.
d) Assets divided by liabilities equal net worth.

Jonah is writing down his liabilities to complete his statement of financial position. The item he should include would be
a) The balance on his credit card
b) The market value of his car
c) The value of his retirement account
d) The combined total of his savings and checking accounts

Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this statement?
a) Taxes she paid based on her income last year.
b) Interest earned on her savings account.
c) Money she received from her grandparents for her birthday.
d) Social Security income her mother is receiving for her since her father died of cancer last year.

Which of the following would most likely be considered a contractual expense?
a) cell phone
b) food
c) entertainment
d) clothing

Maggie and Jeff have decided to develop a spending plan to help them gain control over their finances. Which of the following statements is NOT TRUE about spending plans?
a) A spending plan includes itms NOT usually included when creating a budget.
b) Spending plans are used to record planned income.
c) Spending plans are used to record planned expenses.
d) When creating a spending plan, it is recommended that you examine your trade-offs and opportunity costs.

To increase his net worth, Jackson could:
a) Increase his assets
b) Increase his liabilities
c) Decrease his assets
d) Increase his market value

Brett is creating a statement of financial position and needs to list his assets. Which of the following should he NOT list as an asset?
a) Money in the paycheck he will receive next week
b) Money in his checking account
c) His hockey equipment
d) The market value of his car

Which statement is TRUE about payroll taxes?
a) Payroll taxes fund the Social Security and Medicare programs.
b) Payroll taxes are paid on both earned and unearned income
c) Payroll taxes fund different operations and programs of the federal government.
d) The amount of tax paid depends on many different factors but increases as income increases.

Which statement is NOT TRUE about property taxes?
a) The property tax rate is set by the federal government to be equal in every state.
b) Property tax is often charged by states or local governments to pay for local schools.
c) The fee paid to license a vehicle is an example of property tax.
d) Property taxes are most often paid only once or twice each year.

Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets are called which kind of taxes?
a) excise taxes
b) sales taxes
c) federal use taxes
d) property taxes

As Mariah was looking over her sales receipt for the shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag howed for the item. What is this extra 6% charge most likely to be?
a) Sales tax on the shirt she purchased
b) an excise tax on the shirt she purchased
c) property tax on the shirt she purchased
d) Income tax on the shirt she purchased

Who is Medicare designed to help?
a) senior citizens
b) low income families
c) single parents
d) children of unemployed parents

A key difference between commercial banks and credit unions is that:
a) Commercial banks are 'for-profit' and credit unions are 'not-for-profit.'
b) Commercial banks typically pay higher interest rates than credit unions.
c) Credit unions are more commonly located in rural areas while commercial banks are more commonly located in urban areas.
d) Commercial banks offer more services, such as debit cards, and online banking, than credit unions

David made a mistake in his checking account recordkeeping and spent $10 more than he had deposited in his account. As a result, he can expect to be charged a(n)
a) Overdraft fee
b) Safe deposit fee
c) Contact fee
d) ATM fee

Common fees that may be charged by a depository institution include all EXCEPT:
a) late fee
b) overdraft fee
c) ATM fee
d) Minimum balance fee

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