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WorksheetsFINAL EXAM (PERSONAL FINANCE)
Total questions: 25
Worksheet time: 24mins
A long term goal:
is a goal that takes 5 or more years.
takes one year or less.
takes 2 to 5 years to achieve.
happens indefinitely.
Something you must have to survive, such as food, shelter and clothing is:
A value
A need
A want
planning
Check off all services below:
(TRUE OR FALSE) Goods are physical items that can be produced and can be weighed or measured.
True
False
Consumable goods are purchases that you make often
and use up quickly. Check off the images below that are consumable goods.
(TRUE OR FALSE) Money Management is planning how to get the least from your money.
True
False
Net worth = Total Assets-Total Liabilities
What is Da Baby's net worth if his assets are $500,000 and his liabilities are $200,000?
-$300,000
$300,000
$700,000
-$700,000
Assets are any items of value that can be converted into cash. Check off the items below that are assets.
Cash
House
Car
Loan
A liquid asset is a type of asset that can't easily be turned into cash.
True
False
(TRUE OR FALSE) A balance sheet is also called a net worth statement.
True
False
Liabilities are debts that are owed. Check off all liabilities below.
(TRUE OR FALSE) Current Liabilities are short-term debts that have to be paid within one year.
True
False
(True or False) Fixed expenses are those expenses that can change from month to month.
True
False
Variable expenses are those expenses that can change from month to month. Check off all variable expenses below.
Net cash flow is the money that actually goes into and out of your wallet and bank accounts.
Net Cash Flow = Income - Expenses
Use the formula above to solve the following problem. What is Lil Baby's net cash flow if his income for the month is $100,000 and his expenses add up to $10,000?
$110,000
-$90,000
$90,000
-$110,000
National Brands are well-known brand names that are widely advertised and available in many stores. Check off the images that are national brands below.
(TRUE OR FALSE) Store brands are also known as generic brands.
True
False
Unit Price, or unit cost, tells you the cost per liter, per kilogram, per pound, etc., of what you want to buy.
To find the unit price use the formula: cost ÷ quantity.
Use the formula above to figure out which image is a better buy.
(TRUE OR FALSE) A warranty and a guarantee are the same thing.
True
False
(TRUE OR FALSE) A rebate is a full refund of the price of the product.
True
False
(Fill-in-the-blank with the correct choice.)
A ___________ refers to money going into a bank account.
withdrawal
credit card
deposit
balance
Below check off what you can do at a bank. (You can check off more than one answer.)
Open a checking and savings account.
Withdraw money at an ATM.
Apply for a loan.
Tell the bank what interest rate you want for a savings account.
(Check off ALL answers that apply below.) At an ATM you can:
have the ATM write out a personal check.
make deposits and withdrawals.
transfer money.
check your account balance.
Look at the image of a savings deposit slip. Calculate the subtotal and total.
Subtotal: $100.00 and Total: $110.00
Subtotal: $100.00 and Total: $90.00
Subtotal: $100.00 and Total: -$90.00
Subtotal: $90.00 and Total: $100.00
What is the red arrow pointing to on this personal check?
Signature line
Date line
Dollar amount line
Memo line
