Chapter 28 Review - Application Question Preview (ID: 42057)


Ch 28 Application. TEACHERS: click here for quick copy question ID numbers.

The first step in the financial planning process is to
a) identify possible courses of action
b) evaluate your alternatives
c) develop your financial goals
d) determine your financial situation

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) multiply your income by 80 percent
d) ask your parents how much you should spend

If you want to increase your savings,
a) increase your expenses
b) decrease your income
c) increase your income
d) use your credit card instead of paying cash

When you make a financial decision,
a) there is usually no risk because you have done a lot of research
b) there is always an enormous risk
c) you accept some risk
d) there should be no need to ever change it

When making financial decisions, you should find information
a) in finance-oriented magazines
b) on corporate web sites
c) in newspapers
d) all of the above

An important part of financial planning is to
a) minimize risk to minimize return
b) maximize risk to maximize return
c) understand which risks you can afford to take
d) allow others to take the risk

Money management is necessary for
a) consumers
b) businesses
c) government
d) all of the above

Which of the following does a budget not include?
a) your expected income
b) your planned expenses
c) your planned savings
d) how to increase your income

The first step in planning a budget is
a) to record what you spend
b) to review your spending and saving patterns
c) to set your financial goals
d) estimate your income

Which of the following is not considered as you prepare to set your financial goals?
a) What is important to me?
b) What do I want to accomplish in the next month?
c) Can I ask my employer for a raise to help me meet my financial goals?
d) Are my financial goals practical?

Budgeting for unexpected expenses would include
a) insurance
b) rent
c) school loans
d) car repairs

If your planned expenses and savings are more than your income, then
a) increase savings
b) increase expenses
c) cut expenses
d) reduce savings

True or False. Corporations never put their financial information on their website so competitors can't see it
a) True
b) False
c)
d)

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