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WorksheetsCreating a Personal Budget
Total questions: 15
Worksheet time: 8mins
Which of the following is an example of a personal asset?
Credit card balance
Rent
Cash
Mortgage
An individual has total assets of $120,000 and total liabilities of $80,000. What is his net worth?
$40,000
$50,000
$60,000
$30,000
What does “A” represent in SMART goal setting practices?
Analyzed
Adaptable
Achieved
Attainable
Which of the following is the last step in creating a personal financial plan?
Implementing the budget
Balancing income and expenses
Revising the plan
Creating financial goals
Which of the following are goals which can be achieved in less than a year of time?
Short-term goals
Lifetime goals
Intermediate-term goals
Long-term goals
Based on the 50/30/20 rule for allocating resources, which of the following percentages should be devoted to savings?
50
0
20
30
Which of the following correctly defines the “M” in the goal setting acronym SMART?
Malleable
Manageable
Maintainable
Measurable
Which of the following is NOT a common budgeting strategy?
Creating a savings plan
Ensuring expenses are greater than income
Separating needs from wants
Establishing an emergency fund
Which of the following is an itemized summary of the expected income and expenses for a defined period of time?
Net worth
Budget
Equity
Balance sheet
Which of the following refers to personal belongings which have value?
Net profit
Net worth
Liabilities
Assets
Which of the following is the sum of the individual’s current assets minus the individual’s total liabilities?
Net worth
Variable expenses
Liquid assets
Budget
Which of the following is NOT classified as a spending need?
Electricity bill
Rent for a home
Movie tickets
Grocery bill
Which of the following is considered to be a short-term goal?
Saving for a college education
Saving for a retirement fund
Starting a new career
Saving for a family vacation
Which of the following is considered to be a long-term financial goal?
Buying a new car
Saving for a retirement fund
Paying a specific amount on a credit card bill
Saving for a family vacation
Which of the following refers to individuals who do not consider money as a necessity and do not have much of an opinion on money?
Flyers
Spenders
Security seekers
Risk takers
