FINAL EXAM (PERSONAL FINANCE)

A long term goal:

• is a goal that takes 5 or more years.

• takes one year or less.

• takes 2 to 5 years to achieve.

• happens indefinitely.

Something you must have to survive, such as food, shelter and clothing is:

• A value

• A need

• A want

• planning

Check off all services below:

• 
• 
• 
• 

(TRUE OR FALSE) Goods are physical items that can be produced and can be weighed or measured.

• True

• False

Consumable goods are purchases that you make often

and use up quickly. Check off the images below that are consumable goods.

• 
• 
• 
• 

(TRUE OR FALSE) Money Management is planning how to get the least from your money.

• True

• False

Net worth = Total Assets-Total Liabilities

What is Da Baby's net worth if his assets are $500,000 and his liabilities are $200,000?

• -$300,000

• $300,000

• $700,000

• -$700,000

Assets are any items of value that can be converted into cash. Check off the items below that are assets.

• Cash

• House

• Car

• Loan

A liquid asset is a type of asset that can't easily be turned into cash.

• True

• False

(TRUE OR FALSE) A balance sheet is also called a net worth statement.

• True

• False