WorksheetsPersonal Finance: chapter 4-1 quiz 2
Total questions: 23
Worksheet time: 8mins
Name
Class
Date
1.
Which finanical records should you keep?
a)
Income and expense
b)
Net worth statement
c)
Personal property inventory
d)
all of the records listed here
e)
none of the records listed here
2.
Money or debts that you owe others is called _
a)
Liabilities
b)
Assets
c)
Wealth
d)
Net worth
e)
equitity
3.
Short term liabilities should be paid off in how much time?
a)
2 years
b)
5 years
c)
A year or less
d)
In 10 years
e)
3 years
4.
When you subtract your liabilities from your assets it’s called
a)
personal property inventory
b)
Net worth statement
c)
disposable income
d)
budget
e)
assets
5.
An example of variable expense could include which of the following ( choose more than one if you like)
a)
grocery costs
b)
eating out cost
c)
rent
d)
cell phone bill
e)
loan payment
6.
When balancing your budget, if your expenses plus your savings exceeds your income what is the best and most responsible thing to do?
a)
Find another way to make more money.
b)
Redo your budget
c)
Reduce expenses
d)
Hope you win the lottery.
e)
Ask your parents for a loan.
7.
Which is/are an example of a variable expense? (more than one may apply)
a)
electricity bill
b)
price of admission to a movie
c)
cost of rent
d)
loan payment
e)
cell phone bill
8.
What information can be found on W-2 forms? (more than one may apply)
a)
social security number
b)
liabilities
c)
assets
d)
salary and income
e)
federal taxes withheld
9.
As part of your financial plan, it is a good idea to reflect on (more than one may apply).
a)
number of credit accounts that you have
b)
credit limit amount on your credit cards
c)
monthly payments required
d)
how old the credit account is
e)
interest rate being charged
10.
Personal property is a what kind of asset?
a)
expensive asset
b)
depreciating asset
c)
appreciating asset
d)
liability asset
e)
cheap asset
11.
Which of the following is an example of a financial record you would keep (you may choose more than one)?
a)
filed tax returns
b)
personal property inventory
c)
W-2 forms
d)
net worth statement
e)
car titles
12.
Financial planning helps you do which of the following (choose as many as apply)?
a)
List and evaluate your choices
b)
Assign a dollar amount to your goals
c)
Avoid careless and wasteful spending
d)
Avoid money worries by planning your saving
e)
Avoid money worries by planning your spending and borrowing
13.
How can you tell that your net worth statement is a positive statement?
a)
Your net worth statement is rising in wealth
b)
When you are said to be solvent
c)
When your liabilities are shrinking
d)
Your net worth statement is rising in wealth and your are said to be solvent
e)
Your net worth statement is rising in wealth and your liabilities are shrinking
14.
If a person who has too much debt what will a lender do (more than one may apply)?
a)
Give loans to the person
b)
Refuse credit to those with a large amount of debt
c)
Charge higher interest rates if they do grant credit.
d)
Limit the amount of credit given.
e)
Give unlimted amounts of credit at a low interest rate.
15.
What does financial planning not help you to do?
a)
Prioritize your choices so your money goes as far as possible.
b)
Avoid careless and wasteful spending.
c)
Organize your financial resources (sources of income) so you can achieve your financial
goals.
d)
Avoid money worries by planning your saving, spending, and borrowing so you can live
within your income.
e)
None of these choices
16.
When faced with a cash deficit what do you do (more than one may be choosen)?
a)
Borrow money
b)
Spend more money
c)
Bring in more income
d)
Reduce all expenses.
e)
Reduce variable expenses.
17.
Your_______ is the money you have left to spend or save after taxes and other deductions are taken.
a)
Fixed Expenses
b)
Disposable Income
c)
Cash Surplus
d)
Assets
e)
Gross Income
18.
)Which form show money earned, deductions
from your paycheck, and reveal taxes withheld, including Social Security and
Medicare.
a)
1040
b)
1099-R
c)
W-4
d)
W-2
e)
1099-T
19.
What is not an asset?
a)
accumulation of wealth
b)
money owed to others
c)
personal items that have value
d)
when you subtract your liabilities from your assets and the value is positive
e)
your inheritence from your family in the form of a trust fund
20.
In what time frame should long term liabilites be paid off?
a)
half a year
b)
a year
c)
2 years
d)
More than 2 years but not more than 5 unless it is a mortgage.
e)
More than 20 years
21.
Variable costs are easier to change in the short run. Which of the following is an example of this? (choose all that apply)
a)
Eat out less
b)
Bring lunch instead of buying it
c)
Save gas by combining trips
d)
Buy more groceries
e)
Use a local free wi-fi instead of your data plan on your cell phone.
22.
What is it called when estimated expenses are greater than estimated income it is?
a)
Surplus
b)
Deficit
c)
discretionary income
d)
Gross income
e)
Credit limit
23.
Which of the following is an example of personal property (choose all that apply)?
a)
borrowed furniture
b)
your comic book collection
c)
your pet
d)
your cell phone
e)
rental car
100 %
