FL: Chapter 2 Review

Planning to buy a car in one year is an example of a _____ goal.

• short-term

• medium-term

• long-term

• realistic

Monthly rent payments are an example of a(n) _____ expense.

• fixed

• variable

• discretionary

• emergency

Which of the following is a benefit of making charitable contributions?

• Tax deductions on an individual's income tax return.

• A feeling of fulfilling social responsibility.

• Being philanthropic is known to make individuals feel happier and relieve stress.

• All of the above.

Data _____ is the process of studying data with the goal of discovering new information that can help with making decisions.

• processing

• inputting

• analysis

• synthesis

In a cash flow statement, what are expenses called?

• Cash Inflow

• Actual Inflow

• Cash Outflow

• Actual Outflow

Cash and savings that can be converted to cash quickly and easily are _____.

• current assets

• current liabilities

• fixed assets

• long-term liabilities

Obligations to be paid over a long period of time are _____.

• current assets

• current liabilities

• fixed assets

• long-term liabilities

In what stage of the family life cycle does marriage usually occur?

• beginning stage

• expanding stage

• developing stage

• launching stage

In what stage of the family life cycle does retirement usually occur?

• expanding stage

• developing stage

• launching stage

• aging stage

A(n) ______________________________ is the time between birth and death.