Review: Financial Planning

Which of the following best describes a budget?

• A financial tool for consumers with little money
• A plan for saving and spending money
• A set of restrictions on how to spend money
• A statement of your assets and liabilities

What is the first step of the decision making process?

• Evaluating the decision
• Identify the decision
• Identify resources
• Identify options

Which of the following is known as purchasing an item on a whim?

• Impulse
• Fixed
• Flexible
• Online purchase

Tags

CCSS.RL.5.6

Which of the following is known as something you own. 

• Liabilities
• Assets
• Net worth
• Gross income

Which of the following is known as something you owe. 

• Assets
• Liabilities
• Identity theft
• Budgeting

What is an example of liabilities?

• Credit card debt
• Paycheck
• Savings account
• Paid off house

Which of the following is known as conducting business with financial institutions over the internet?

• online banking
• gross income
• net income
• financial planning

Which of the following is known as the total amount of money you expect to earn before taxes and deductions?

• Net worth
• Discretionary income
• Gross income
• Balance sheet

Which of the following is known as expenses that are not absolutely necessary?

• Gross 
• Net
• Discretionary
• Credentials

Which of the following is an expense that stays the same every month?

• Rent
• Groceries
• Electric
• Credit card