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WorksheetsPersonal Finance Ch 8
Total questions: 27
Worksheet time: 14mins
Name
Class
Date
1.
Fixed assets will change over time according to your needs
a)
True
b)
False
2.
Entertainment is a variable expenses because it changes from month to month.
a)
True
b)
False
3.
Most financial experts recommend no more than 50-60% of take-home pay set aside for fixed expenses.
a)
True
b)
False
4.
A net worth statement looks at expected income and expected outflow.
a)
True
b)
False
5.
Disposable income is money left over after taxes.
a)
True
b)
False
6.
Warranties may be in writing or may be assumed to exist.
a)
True
b)
False
7.
Enforceable contracts must have a valid offer and acceptance.
a)
True
b)
False
8.
Consideration in an agreement means that both parties are 18 or older.
a)
True
b)
False
9.
A contract with an illegal purpose is not enforceable
a)
True
b)
False
10.
A notarized document has a seal that indicates the person signed the document of his or her own free will
a)
True
b)
False
11.
You can use a spreadsheet program to maintain a list of your income and expenses
a)
True
b)
False
12.
The person who creates and signs a promissory note is called the maker
a)
True
b)
False
13.
Liabilities are things of value that you own
a)
True
b)
False
14.
When your debts are greater than your assets, you are said to be solvent, or in favorable credit position
a)
True
b)
False
15.
A budget
a)
Is a plan to increase income
b)
Is a plan to match spending and does not consider savings as part of the budget
c)
Is a plan to match expected income with expected outflow
d)
Will decrease your wants and needs
16.
Shown on your net worth statement are things you own, known as
a)
Liabilities
b)
Net Worth
c)
Assets
d)
Net Income
17.
A net worth statement is most commonly used
a)
Preparing a budget
b)
Proof of loss in case of a tornado, hurricane
c)
Applying for a loan or credit card
d)
Tax Records
18.
A personal property inventory is most commonly used
a)
in preparing a budget
b)
when applying for credit
c)
in the event of tax audit
d)
as proof in the event of a fire or theft
19.
A mortgage or lease is an example of a (n)
a)
express contract
b)
warranty or guarantee
c)
implied contract
d)
oral contract
20.
Complete agreement by all persons entering into a contract
a)
competent parties
b)
mutual assent
c)
co-signer
d)
instruments
21.
A warranty that assumed to exist
a)
mutual assent
b)
legally collectible
c)
Solvent
d)
implied
22.
The meaning of the term negotiable instrument
a)
maker
b)
promissory note
c)
legally collectible
d)
co-signer
23.
One agrees to pay a note if the maker does not pay
a)
counter offer
b)
maker
c)
promissory note
d)
Co signer
24.
A written promise to pay on a specified date
a)
implied
b)
legally collectible
c)
mutual assent
d)
promissory note
25.
A contract in words (oral or written)
a)
Oral
b)
Implied
c)
Express
d)
Sent
26.
A new offer based on the rejection of an original offer
a)
Maker
b)
Implied
c)
Counter Offer
d)
Consideration
27.
Persons who are legally able to give sane and intelligent consent to a contract
a)
Smart People
b)
Cosigner
c)
Competent party
d)
Counteroffer
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