
PF Test
Flashcard
•
Mathematics
•
12th Grade
•
Practice Problem
•
Hard
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15 questions
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1.
FLASHCARD QUESTION
Front
What is a budget?
Back
A budget is an itemized summary of expected income and expenses for a defined period of time.
2.
FLASHCARD QUESTION
Front
What are assets?
Back
Assets refer to personal belongings that have value.
3.
FLASHCARD QUESTION
Front
According to the 50/30/20 rule, what percentage should be devoted to savings?
Back
20% of income should be devoted to savings.
4.
FLASHCARD QUESTION
Front
What is NOT classified as a spending need?
Back
Movie tickets are not classified as a spending need.
5.
FLASHCARD QUESTION
Front
What is an example of a personal asset?
Back
Cash is an example of a personal asset.
6.
FLASHCARD QUESTION
Front
What is net worth?
Back
Net worth is the difference between total assets and total liabilities.
7.
FLASHCARD QUESTION
Front
What are liabilities?
Back
Liabilities are financial obligations or debts that an individual owes.
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