
Chapter 4 Test: Budgeting and Records
Authored by Cami Schiffner
Business
12th Grade
Used 2+ times

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The two elements to consider in budgeting and planning are your income and your expenses.
False
True
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You should always create a monthly budget—weekly or biweekly budgets tend to be inaccurate.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Only people with considerable wealth need to create a personal record keeping system.
True
False
4.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
The IRS has the legal right to audit your tax returns and supporting records for ___ years from the date of filing.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A person who creates and signs the promissory note and agrees to pay it on a certain date is called the
maker
payee
negotiator
co-signer
6.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
__________ expenses are costs that vary in amount and type, depending on the choices you make.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Use the following information to calculate Diana’s liabilities: Savings account: $2,500, Checking account: $400, Car value: $5,000, Personal property value: $5,500, Loan for vacation: $2,000, Loan from grandparents: $250. Which of the following is considered a liability?
Cash in hand
Stock investments
Real estate property
Outstanding loan
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