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WorksheetsConsumer Review Chapter 8 and 9
Total questions: 26
Worksheet time: 13mins
Name
Class
Date
1.
The description of a budget is
a)
a financial tool for consumers who have very little money
b)
a plan for saving and spending
c)
a set of restrictions on how you can spend your money
d)
a statement of your assets
2.
A budget can help you do the following:
a)
avoid running out of money between checks
b)
set aside savings for unexpected expenses
c)
evaluate your spending habits
d)
all of the above
3.
Everything you own
a)
Assets
b)
Liabilities
c)
net incom
d)
gross income
4.
Expenses that do not change?
a)
Fixed
b)
Variable
c)
assets
d)
Discrectionary
5.
Expenses that do change?
a)
Fixed
b)
Variable
c)
assets
d)
Discrectionary
6.
The steps in establishing an effect budget include:
a)
estimating income
b)
estimating expenses
c)
planning for savings
d)
all of the above
7.
You should archive records because some records should be kept for longer periods of time.
a)
False
b)
True
8.
Conducting business with financial institutions over the Internet is online banking.
a)
True
b)
False
9.
Assets-Liabilities=budget
a)
True
b)
False
10.
A contract is
a)
a promise to do something in the future.
b)
an agreement between two or more persons to exchange something of value.
c)
an agreement to pay another person money.
d)
an obligation to pay another person's legal debts.
11.
What is a consideration?
a)
awareness of the circumstances of the other party to the contract
b)
a realistic offer
c)
something of value
d)
exact acceptance of the terms of the offer
12.
Which of the following is a characteristic of an offer?
a)
The offer is made to a specific person.
b)
The seller accepts the price asked for by the buyer.
c)
The offer is not directed at anyone in particular.
d)
The offer establishes a legally binding contract.
13.
Which of the following is an example of consideration?
a)
money
b)
the agreement to have another birthday
c)
a worthless piece of trash
d)
for a lifeguard to promise a swimmer to rescue him if he gets in trouble;
14.
What is a valid acceptance to a contract?
a)
The person orally agrees to pay the offered price.
b)
The person says that she will think about it overnight.
c)
The person asks for a lower price.
d)
The person states that she is able to pay the offered price.
15.
Jane runs away from home and stays at a motel for three nights. Since she is a minor, she
a)
does not have to pay for the motel since she can void her contracts.
b)
does have to pay for the motel since shelter is a necessity.
c)
does not have to pay for the motel unless she claimed that she was 18
d)
does have to pay for the motel because she looked like she was 18
16.
A contract for _____ must be in writing to be enforceable.
a)
the sale of goods priced at under $500
b)
the sale of land
c)
the sale of personal property
d)
agreements that can be performed within one year from the date of the contract
17.
Aidan sells some stolen CDs for Roger. Aiden knows the CDs are stolen. Aiden refuses to give the money to Roger. Roger can
a)
sue Aidan for the money.
b)
enforce the contract with Aidan and get his money.
c)
cannot enforce the contract because the contract is unconscionable.
d)
cannot enforce the contract because the contract is illegal.
18.
A warranty is a promise made by a
a)
seller about the quality or performance of goods for sale.
b)
buyer to make payments on time.
c)
seller that the price of goods is within fair market value range.
d)
buyer to use the product as designed.
19.
Gasoline
a)
fixed expense
b)
expected expense
c)
unexpected expense
d)
variable expense
20.
Rent/mortgage
a)
fixed expense
b)
unexpected expense
c)
variable expense
d)
anticipated income
21.
Entertainment
a)
fixed expense
b)
unexpected expense
c)
unanticipated expense
d)
variable expense
22.
Utilities
a)
unexpected expense
b)
anticipated income
c)
variable expense
d)
unanticipated income
23.
What is the #1 question you should ask when opening an account at a financial institution:
a)
what are the fees for this account?
b)
do you have an ATM?
c)
what are your hours?
d)
none of these
24.
Total liabilities are more than assets means you are
a)
solvent
b)
insolvent
c)
wealthy
25.
What is the purpose of a net worth statement?
a)
So creditors know that you own more assets than you owe money
b)
So lenders can charge you a higher interest rate
c)
For insurance purposes in case of loss
d)
In case you are audited by the IRS
26.
What is the purpose of a personal property inventory?
a)
So lenders know you will pay them back
b)
In case you are audited by the IRS
c)
In case of fire, theft or other loss
d)
To assess your credit worthiness
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