Personal Finance Test #2

Basic need include items that make life more enjoyable, such as a television.

• True

• False

A net worth statement lists your income and expenses for a period of time.

• True

• False

How often do customers typically receive a bank statement for their checking account?

• Daily

• Weekly

• Monthly

• Annually

A person to person (P2P) could be used in each of the following scenarios EXCEPT

• Tina pays her neighbor $200 for breaking his window with a softball.

• Rafael writes a check to cover the entire month's rent, and his roomates pay him back.

• Ahmed's soccer coach pay's the registration fee for a big tournament. And each player owes $35 for their share of the fee.

• Mr. Killan's wife pays Cheezy Pizza company for a pizza she orders on their website.

All of the following are downsides of being unbanked EXCEPT

• Lack of fees associated with banks

• Lack of access to credit

• Lost time paying bills

• Difficulty making cash purchases.

All assets, or items of value, increae in value over time...

• True

• False

Financial Resources are money or other items of value that people can use to acquire goods and services.

• True

• False

Spreadsheet software like Microsoft Excel or Google Sheets can be used to create a budget.

• True

• False

Creating a budget and keeping good records will help you...

• comparison shop

• prioritize expenses and payment due dates

• avoid fraudulent sales practices

A person's actual income, savings, and spending may not be exactly as planned on a budget.

• True

• False