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Worksheets8.1 Budgeting and Planning
Total questions: 10
Worksheet time: 3mins
Name
Class
Date
1.
Most financial experts agree that families should set aside _____ percent of their disposable income each pay period.
a)
15
b)
25
c)
20
d)
10
2.
Net worth is calculated by subtracting your variable expenses from your fixed expenses.
a)
True
b)
False
3.
The IRS can audit your tax returns for a period of ____ year(s), except in the case of fraud, where there is no time limit.
a)
3
b)
6
c)
1
d)
10
4.
A house payment and utilities are examples of
a)
variable expenses
b)
investments
c)
income
d)
fixed expenses
5.
A personal property inventory is most commonly used for
a)
a car loan application
b)
proof of loss from fire, theft, or property damage
c)
an employment application
d)
a credit card application
6.
Receipts and documents showing income and expenses should be kept in a safe place because they are proof or evidence to use in the event of an audit.
a)
True
b)
False
7.
Lunches, medical bills, personal care items, and clothing are all examples of
a)
variable expenses
b)
investments
c)
fixed expenses
d)
income
8.
When your assets are less than your liabilities, you are said to be solvent, which is a good financial position.
a)
True
b)
False
9.
A common purpose for the net worth statement is
a)
fire- loss proof
b)
damage report
c)
employment application
d)
loan or credit application
10.
A major reason for financial planning is to prevent careless spending
a)
True
b)
False
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