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PF 2.03 -2.05 Objective Review

Total questions: 68

Worksheet time: 48mins

Name
Class
Date
1.

Cristina is writing down her liabilities to complete his Statement of Financial Position. The item she should include would be:

a)

his check

b)

checking account balance

c)

the combined total of his savings and checking accounts.

d)

credit card balance

2.

Francisco earns $25,000 per year and has a net worth of 5,000. Eder earns $75,000 and has a net worth of $2. Who is wealthier?

a)

Eder, because his income minus his net worth is a smaller amount than Malik’s.

b)

Eder, because his income minus his net worth is a larger amount than Malik’s.

c)

Francisco, because his net worth is higher than Malik's.

d)

Francisco, because his net worth is lower than Christian’s.

3.

Tesha is creating a Statement of Financial Position and needs to list her assets. Which of the following should she list as an asset?

a)

money she borrowed from a parent

b)

student loan

c)

wealth

d)

electronics

4.

To decrease his net worth, Gabby could:

a)

increase his liabilities.

b)

increase his assets.

c)

increase his market value.

d)

decrease his liabilities

5.
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the
following should he NOT list as an asset?
a)
Money in his checking account
b)
Money in the paycheck he will receive next week
c)
His hockey equipment
d)
The market value of his car
6.
Maggie earns $62,000 per year and has a net worth of $20,000. Samantha earns $96,000 and has a net worth of $15,000. Who is wealthier?
a)
Maggie, because her income minus her net worth is a smaller amount than Samantha’s
b)
Samantha, because her income minus her net worth is a larger amount than Maggie’s
c)
Maggie, because her net worth is higher than Samantha’s
d)
Samantha, because her annual income is higher than Maggie’s
7.
Jonah is writing down his liabilities to complete his Statement of Financial Position. The item he should include would be:
a)
The market value of his car
b)
The value of his retirement account
c)
The combined total of his savings and checking accounts
d)
The balance on his credit card
8.
Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this:
statement?
a)
Interest earned on her savings account
b)
Money she received from her grandparents for her birthday
c)
Social Security income her mother is receiving for her since her father died of cancer last
year
d)
Taxes she paid based on her income last year
9.
Which of the following would most likely be considered a contractual expense?
a)
Cell Phone
b)
Food
c)
Entertainment
d)
Clothing
10.
To calculate her net worth Jordyn should use the following formula:
a)
Assets – liabilities = net worth
b)
Assets x liabilities = net worth
c)
Assets + liabilities = net worth
d)
Assets / liabilities = net worth
11.
Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank
statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. He is unsure which of the following items should be recorded as expenses. Which should be recorded as expenses?
a)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and
his car insurance
b)
Money saved from his paycheck for emergencies, interest paid on his car loan, his tax refund from filing last year’s tax return
c)
The scholarship he receives for studying Chinese at the local community college, his car
insurance payment, and stock dividends he received from his grandmother
d)
Clothing he purchased for a job interview, tuition for a class he is taking at the local community college, and interest from his savings account
12.
Amanda and Marcus just finished their Income and Expense Statement for last month. They
discovered that they have a net gain. What does this mean and what should they do?
a)
Amanda and Marcus are spending more money than they are earning. They need find a
way to balance their income and expenses by spending less on non‐contractual expenses
b)
Amanda and March are earning more money than they are spending. They could place
additional money in savings and/or spend it on other expenses
c)
Amanda and Marcus are spending more money than they are earning. One of them should
consider getting a second job for a time to help boost their income
d)
Amanda and Marcus are earning more money than they are spending. They should increase
spending for non‐contractual items to bring their income into balance with the expenses
13.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
Decreases expenses
b)
Use a credit card more often
c)
Earn less income
d)
Increase purchases
14.
Diana and Aaron have decided to develop a spending plan to help them gain control over their
finances. Which of the following statements is NOT TRUE about spending plans?
a)
Spending plans are used to record planned income
b)
Spending plans are used to record planned expenses
c)
A spending plan includes items NOT usually included when creating a budget
d)
When creating a pending plan, it is recommended that you examine your trade‐offs and
opportunity costs
15.
When is your spending plan complete?
a)
When you have allocated all your income into categories for the month
b)
When you have all of your current income and expenses recorded
c)
Spending plans are always under revision so they are never complete
d)
Spending plans are complete each December 31st as one year ends and another year begins
16.
Chase has decided to work with a spending plan so he can build up an emergency fund for when he is in college. He learned in class that he could probably reduce his spending the most by looking at his non‐contractual expenses. Which of his expenses best fit that category?
a)
Cell phone bill, gasoline, and car payment
b)
Internet bill, entertainment, and clothing
c)
motorcycle payment, food, and cell phone bill
d)
Gasoline, food, and entertainment
17.
Michael wants to develop a spending plan for himself to use during his final year of high school.
What will he need to do as his FIRST step?
a)
Decide what income and spending categories would reflect his values, needs, and wants
b)
Decide how much money he can spend for each of the bills he pays each month
c)
Track his current income and expenses. If he has already created an Income and Expense
Statement then he has completed this step
d)
Develop a control system that will work with his life style
18.
Items of monetary value a person or household owns
a)
Value
b)
Asset
c)
Tangible Assets 
d)
Income
19.
Money spent
a)
Income
b)
Bills
c)
Expense
d)
Price
20.
Money received
a)
Income
b)
Salary
c)
Expense 
d)
Payment 
21.
 Financial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the future
a)
Asset 
b)
Tangible asset
c)
Monetary asset 
d)
Investment asset
22.
A debt or obligation owed to others
a)
Liability
b)
Expense 
c)
Income
d)
Debt
23.
The amount you could realistically sell an asset for today
a)
Original value
b)
Market value
c)
Markup value 
d)
Investment value 
24.
Assets that can be quickly and easily converted into cash
a)
Tangible asset
b)
Monetary asset
c)
Asset
d)
Investment asset
25.
A measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to others
a)
Net pay
b)
Net income
c)
Net worth
d)
Net amount 
26.
 A financial statement that describes an individual or family’s financial condition on a specified date by showing assets, liabilities, and net worth
a)
Statement of Financial Income
b)
Statement of Financial Expense 
c)
Statement of Financial Agreement 
d)
Statement of Financial Position
27.
 Personal property that was purchased to create a lifestyle or improve your life
a)
Tangible asset
b)
Monetary asset 
c)
Asset
d)
Payment asset 
28.
A measurement of how much a person or household owns once all debts have been paid
a)
Net worth
b)
Personal worth 
c)
Wealth
d)
Net income 
29.
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he NOT list as an asset?
a)
Money in his checking account
b)
Money in the paycheck he will receive next week
c)
His hockey equipment
d)
The market value of his car
30.
To calculate her net worth Jordyn should use the following formula:
a)
Assets – liabilities = net worth
b)
Assets x liabilities = net worth
c)
Assets + liabilities = net worth
d)
Assets / liabilities = net worth
31.
Erin and her mother are putting together an Income and Expense Statement for Erin to use as she applies for a college scholarship. Which income source does she NOT need to include for this statement? 
a)
Interest earned on her savings account.
b)
Money she received from her grandparents for her birthday.
c)
Social Security income her mother is receiving for her since her father died of cancer last year
d)
Taxes she paid based on her income last year.
32.
If expenses were to exceed income on a spending plan, what would be a financially smart solution?
a)
 Decrease expenses
b)
Use a credit card more often 
c)
Earn less income
d)
Increase purchases
33.
When is your spending plan complete?
a)
When you have allocated all your income into categories for the month.
b)
When you have all of your current income and expenses recorded.
c)
Spending plans are always under revision so they are never complete.
d)
Spending plans are complete each December 31st as one year ends and another year begins.
34.
Michael wants to develop a spending plan for himself to use during his final year of high school. What will he need to do as his FIRST step?
a)
Decide what income and spending categories would reflect his values, needs, and wants
b)
Track his current income and expenses. If he has already created an Income and Expense Statement then he has completed this step.
c)
Decide how much money he can spend for each of the bills he pays each month
d)
Develop a control system that will work with his life style.
35.

A spending plan is also known as a?

a)

Tax form

b)

Paper trail

c)

Well-being domain

d)

Budget

36.

A statement of financial position that shows both _________ and actual income and expenses

a)

unplanned

b)

planned

37.

Which financial document does a spending plan look like

a)

Statement of financial position

b)

Income and expense statement

38.

Which step of the spending plan requires you to set a time period

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

39.

Which step of the spending plan requires you to stick to the budgets you made

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

40.

Which step of the spending plan considers how much to spend on each category of expenses

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

41.

Which step of the spending plan makes you identify your income and expenses

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

42.

Which step of the spending plan is where you ask "how well did my plan work"

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

43.

A spending plan is an income and expense statement that records both planned and ________ income and expenses

a)

Fake

b)

Planned

c)

Actual

d)

Outrageous

44.

Which step of the spending plan requires you to identify how to record your plan

a)

Track current income and expenses

b)

Personalize the plan

c)

Allocate money to each category

d)

Implement and control

e)

Evaluate and make adjustments

45.

Which is NOT a way to develop a spending planIn

a)

Paper/Pencil

b)

Spreadsheet

c)

Apps

d)

In your head

46.

A spending plan ensures you are being ________ about your spending

a)

Bad

b)

Optimistic

c)

Realistic

d)

Outrageous

47.
Of the 6 main spending categories, which one is the largest?
a)
Transportation
b)
Savings
c)
Insurance
d)
Housing
48.
Which of these is a fixed expenses?
a)
Food
b)
Rent
c)
Clothing
d)
Gas
49.
Which of these is a flexible expense?
a)
Food
b)
Rent
c)
Car payments
d)
Cell phone bill
50.
If Carol's assets value $130,000 and her debts (liabilities) are $26,000, what is her net worth?
a)
$40,000
b)
$156,000
c)
$104,000
d)
$140,000
51.
If your monthly paycheck is $4500 and you budgeted 20% of that for transportation, how much can you spend on transportation?
a)
$900
b)
$90
c)
$990
d)
$99
52.
A financial statement individual can use to assist with money management
a)
net loss
b)
net gain
c)
spending plan
d)
income
53.
When there is more income than expenses
a)
net loss
b)
net gain
c)
spending plan
d)
expense
54.
A visit to the doctor is an example of
a)
income
b)
expense
c)
net gain
d)
net loss
55.
Bob 's income on his spending plan was $500 and his expenses were $650.  What did he have?
a)
net gain
b)
net loss
56.
Bob's expenses on his spending plan were $1000 and his income was $2000.  What did he have?
a)
net gain
b)
net loss
57.

Something the business owns

a)

account

b)

asset

c)

withdrawal

d)

expense

58.

The financial statement that reports the assets, liabilities, and stockholders' (owner's) equity at a specific date is the:

a)

Statement of Financial Position

b)

Income & Expense Statement

c)

Statement of Cash Flows

d)

Spending Plan

59.

The financial statement that reports the income and expenses for a period of time such as a year or a month is the:

a)

Balance Sheet

b)

Income & Expense Statement

c)

Statement of Cash Flows

d)

Statement of Financial Position

60.
Items of monetary value a person or household owns
a)
Value
b)
Asset
c)
Tangible Assets 
d)
Income
61.
A payment, usually monthly, to pay off the loan used to purchase a form of housing
a)
expense
b)
mortgage
c)
net gain
62.
Take home pay
a)
net loss
b)
gross income
c)
net income
63.

Lists and summarizes income and expense transactions that have taken place over a specific period of time, usually a month or year

a)

Spending plan

b)

Income and expense statement

c)

Statement of Financial Position

64.
A product that transfers risk from an individual to an insurance company or organization
a)
income
b)
savings
c)
insurance
65.
Alex is writing down his liabilities to complete his Statement of Financial Position.  the item he should include would be:
a)
the market value of his car.
b)
the value of his retirement account.
c)
the combined total of his savings and checking accounts. 
d)
the balance on his credit card.
66.

The portion of current income not spent on consumption

a)

Savings

b)

Mortgage

c)

Income

67.

A sum of money demanded by the government to support the government itself as well as specific facilities or services.

a)

Taxpayers

b)

Taxes

c)

Unearned income

68.

Which income is listed on the Income and Expense Statement?

a)

Gross Income

b)

Net Income

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