Money Management

How do you determine how much a person is worth?

• how much they owe

• how much they own

• assets - liabilities

• liabilities - assets

How do you calculate debt ratio?

• liabilities/net worth

• assets/net worth

• assets/liabilities

• assets - liabilities

What does it mean if a person has a low debt ratio?

• they are better off financially

• they are worse off financially

• it has no influence on their financial status

• they have bad financial planning habits

What is the purpose of financial planning?

• it helps you achieve personal goals

• it gives you lower expectations

• it makes investments less risky

• it helps you protect your assets and reach your financial goals

What should NOT be a consideration in financial planning?

• retirement planning

• budgeting

• how much you like to gamble

• personal values and principals

A will is a legal document that discusses what?

• how much of your life insurance policy will go to your beneficiary

• distribution of your property (assets) and the care of minor children

• who will pay your debt after you die

• who is in charge of your health care decisions

Who can NOT be a beneficiary for your will?

• you

• spouse

• children

• executor

What is decided in a LIVING will?

• who gets your property and who will care for your minor children

• who gets the money from the life insurance policy

• who your beneficiary is

• who will be in charge of your health care if you cannot make the decision for yourself

What is NOT a strategy in being a smart consumer?

• verifying all of your receipts

• knowing the lowest price is not always the best option

• comparison shopping

• buying every advertisement that you see

Which is not a type of tax?

• income tax

• sales tax

• poll tax

• property tax