LO 2.4: Financial Position Practice Questions

Which of the following refers to what you owe?

• Assets

• Liabilities

• Net worth

• Principal

Tags

CCSS.7.RP.A.3

Which of the following refers to your assets minus your liabilities?

• Assets

• Liabilities

• Net worth

• Principal

Tags

CCSS.6.NS.C.7C

What happens to your net worth if you sell your car for more than you owe?

• Increase

• Decrease

• No change

• Cannot determine with the given information

Tags

CCSS.7.NS.A.1B

Which of the following is an asset that would appreciate in value over time?

• Car

• Computer

• House

• Bicycle

Which of the following refers to an asset that decreases in value over time?

• Depreciating asset

• Liquidity

• Liability

• Appreciating asset

Which of the following does a budget include?

• Assets.

• Income only.

• Expenses only.

• Income and expenses.

In managing your household financial resources, what should you know in order to determine how much you’re really earning and spending?

• Where your money for day-to-day expenses is coming from and where it is going.

• Where your longer-term goal implementation is coming from and where it is going.

• Your cash flows, by systematically tracking your income and expenses.

• All of these answer choices are correct.

Which of the following can be used for tracking?

• Computer spreadsheet.

• Pen and paper.

• Smartphone app.

• All of these answer choices are correct.

Which of the following refers to how much you think you will receive or spend in each category?

• Fair market value.

• Projection.

• Liquidity.

• Budget.

Which of the following includes all resources that can be saved or spent?

• Expense.

• Income.

• Variable asset.

• Liability.

Tags

CCSS.HSF.IF.A.1