PF Final Review

Spending money on luxury items while basic needs are not being met is an example of financial irresponsibility.

• True
• False

Service credit is often provided by utility companies and doctors. 

• True
• False

Which of the following is not one of the five steps of creating a buying plan? 

•  choose a payment method 
• define criteria
• define your spending goal
• set a spending limit

Which of the following is not a right of a landlord?

• to hire a property manager
• to inspect the property without notice
• to receive rent in a timely manner
• to retain security deposits for damages caused by the tenant

Which of the following is not a reward of being financially responsible? 

• an easy life
• financial freedom
• independence
• satifaction

Because most people do not have enough resources to meet all their needs and wants, they must make choices. 

• true
• false

A utility bill is an example of 

• a cash inflow
• a fixed expense
• a variable expense
• an asset

Which of the following would not be included in a person’s listing of assets? 

• $1,000 in savings account
• $13,000 car loan
• $300 cash on hand
• $5,000 dinette set

If Pat earns $120 each paycheck and receives four paychecks per month, how much should she include as earnings in her yearly budget?

• $6240
• $6230
• $5840
• $5760

Your checkbook register balance is $1,413. You have outstanding checks of $100. You have deposits in transit of $500. You have service fees of $15. You earned interest on the account in the amount of $2. What should be your adjusted checkbook register balance?

• $1815
• $1813
• $1415
• $1400