personal finance unit 2 review

Sally’s previous balance in her checking account was $143.25. She wrote a check for $25.00 at Quick Trip, leaving her with a balance of $168.25.

• True

• False

Jeremy had a balance of $96.12 in his checking account. He deposits $40.00 into his account leaving him with a balance of $136.12.

• True

• False

Fixed expenses will change according to your needs and short-term goals.

• True

• False

Assets are things of value that you own.

• True

• False

When your debts are greater than your assets, you are said to be in a favorable credit position.

• True

• False

It is a good idea to use a pencil when writing checks so you can erase any mistakes.

• True

• False

Which of the following is the least important when creating your personal budget?

• Your income tax returns

• Prioritizing options in order to get the most from your income

• Preventing careless and wasteful spending

• Evaluating how wisely you are using your money

Which of the following will notlikely lead to reduced insurance rates?

• Good grades

• Speeding ticket

• Driving older car

• Comparing policy prices

Which of the following is considered a need?

• a new car

• a clothes dryer

• a place to sleep

• a meal at a restaurant

All businesses, by law, are required to take credit or debit cards for payment.

• True

• False