Creating a Personal Budget Final Assessment

Which of the following refers to personal belongings which have value?

• Assets
• Liabilities
• Net Worth
• Net Profit

Which of the following is an example of a personal asset?

• Credit card balance
• Mortgage
• Cash
• Rent

An individual has total assets of $120,000 and total liabilities of $80,000. What is his net worth?

• $30,000
• $40,000
• $50,000
• $60,000

Which type of people likes to plan for the future and are prepared for any type of financial situation?

• Savers
• Spenders
• Risk takers
• Security seekers

Which of the following is considered to be a short-term goal?

• Saving for a college education
• Saving for a retirement fund
• Starting a new career
• Saving for a family vacation

Which of the following refers to individuals who do not consider money as a necessity and do not have much of an opinion on money?

• Flyers
• Security seekers
• Risk takers
• Spenders

What does “A” represent in SMART goal setting practices?

• Analyzed
• Attainable
• Adaptable
• Achieved

Which of the following is considered to be a long-term financial goal?

• Paying a specific amount on a credit card bill
• Saving for a retirement fund
• Buying a new car
• Saving for a family vacation

Which step of the financial planning process involves devising strategies to help accomplish financial goals?

• Determining financial situation
• Identifying courses of action
• Finalizing the plan
• Reviewing the plan

Which of the following is the last step in creating a personal financial plan?

• Balancing income and expenses
• Creating financial goals
• Implementing the budget
• Revising the plan