Unit 9 Personal and Family Finance

1) A credit card bill is best kept in which of the following places?

• a. Safe deposit box
• b. Off-site backup
• c. Home file
• d. This bill doesn’t need to be kept.

2) What is true about computer files of financial records?

• a. They should be backed up regularly.
• b. Financial records should never be kept in computer files.
• c. All records can be kept electronically.
• d. They are less susceptible to theft.

3) What types of records are best kept in safe deposit boxes?

• a. Credit card bills
• b. Budgets
• c. Cash flow statements
• d. Valuable records like marriage records or stock certificates

4) What is a record of income and expenditures for a particular period?

• a. Personal balance sheet
• b. Cash flow statement
• c. Net worth
• d. None of the above

5) What is an example of a liquid asset?

• a. Money in a savings account
• b. Real estate
• c. Boat
• d. All of the above

6) What is simply a spending plan that we create to help manage our money?

• a. Personal balance sheet
• b. Cash flow statement
• c. Net worth
• d. Budget

7) What is the first step in creating a cash flow statement?

• a. Record your expenditures
• b. Record your income
• c. Record insurance
• d. Record credit card payments

8) What budgeting option is best used only with limited resources and expenses?

• a. Mental budgeting
• b. Physical budgeting
• c. Written budgeting
• d. Software budgeting

9) The first step in creating a cash flow statement is which of the following?

• a. Recording financial goals
• b. Recording expenses
• c. Recording income
• d. Recording tax information

10)  What is a characteristic of a successful budget?

• a. Inflexible
• b. Kept private
• c. Realistic
• d. All of the above