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WorksheetsCreating a Family Budget Assessment
Total questions: 10
Worksheet time: 6mins
Which of the following refers to family belongings which have value?
Assets
Liabilities
Net Worth
Net Profit
Which of the following is an example of a family asset?
Credit card balance
Mortgage
Cash
Rent
A family has total assets of $240,000 and total liabilities of $180,000. What is the family's net worth?
$30,000
$40,000
$50,000
$60,000
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 type of people like to plan for the future and are prepared for any type of financial situation?
Savers
Spenders
Risk takers
Security seekers
Which of the following refers to family members who do not consider money as a necessity and do not have much of an opinion on money?
Flyers
Security Seekers
Risk takers
Spenders
What does “A” represent in SMART goal setting practices?
Analyzed
Attainable
Adaptable
Achieved
Which of the following is considered to be a long-term financial goal?
Paying a specific amount on a credit card bill
Saving for a retirement fund
Buying a new car
Saving for a family vacation
Which step of the financial planning process involves devising strategies to help accomplish financial goals?
Determining financial situation
Identifying courses of action
Finalizing the plan
Reviewing the plan
Which of the following is the last step in creating a family financial plan?
Balancing income and expenses
Creating financial goals
Implementing the budget
Revising the plan
