Unit #2 PFL & Eco Exam (2024 Version)

You should always make sure you have a _____ .

• Budget

• Credit Line

• Direct Deposit

• Credit Card

To gain an understanding of your personal finances, you should know _____ .

• Your financial goals

• Where you stand financially, how much income you have, what goals you want to set, and how you'll reach those goals

• How much income you have

• Your investment portfolio and your financial advisor's contact information

Personal finance is all the financial decisions a(n)_____ must make in order to earn, budget, save, spend, and give money over time.

• Individual or family

• Company or organization

• Individual or company

• Bank

What is financial literacy?

• The content provided in bank statements for consumers

• The knowledge and skill base necessary for people to be informed consumers and manage their finances effectively

• The curriculum provided to college students about finances for their degrees

• The skills to read financial documents for personal finance classes, goals, and statements

If your assets total more than your liabilities, you will have a(n)_____ net worth.

• Negative

• Equal

• Positive

• Unknown

Which of the following is NOT a component of a budget?

• Credit score

• Saving

• Income

• Giving

Going to the movies is an example of what types of expense?

• Intermittent and variable

• Discretionary and variable

• Discretionary and fixed

• Intermittent and fixed

Net income is the amount you get paid before taxes.

• True

• False

What kind of money counts as income?

• Only the money you make at your job

• Money in your savings account

• Only money deposited into your bank account

• All money that you receive, including money from your job and gifts like birthday money

45% of Americans have less than $1000 saved for a(n)_____

• Retirement Fund

• New smartphone

• Emergency

• Car