WorksheetsPersonal Finance Final Exam 2023 - HAMILTON
Total questions: 25
Worksheet time: 13mins
Making the right choices with your money involves knowing how
planning, saving, spending, and investing will define your financial portfolio.
to make bank deposits using registers with the appropriate transactions listed.
consumer decisions will affect your accounts.
earning, budgeting, saving, spending, and giving affect your money,
You should always make sure that you have a
budget.
credit line.
direct deposit.
credit card.
To gain an understanding of your personal finances, you should know
your financial goals.
where you stand financially, how much income you have, what goals you want to set, and how you'll reach those goals.
how much income you have.
your investment portfolio and your financial advisors' contact information.
What is the First Foundation?
Pay cash for college.
Build wealth and give.
Save a $500 emergency fund.
Open a checking account.
Personal finance is all the financial decisions a(n) _____ must make in order to earn, budget, save, spend, and give money over time.
individual or family
company or organization
individual or company
bank
Avoiding debt can lead to financial freedom and hope.
TRUE
FALSE
A money principle to keep in mind is to live on _____ you make.
exactly 20% below
more than
the same as
less than
To know your net worth, subtract your liabilities from your
other liabilities.
net income.
previous net worth.
assets.
What is financial literacy?
The content provided in bank statements for consumers.
The knowledge and skills necessary for people to be informed consumers and manage their finances effectively.
The curriculum provided to college students about finances for their degrees.
The skills to read financial documents for personal finance classes.
An important money principle to consider is that you should _____ and _____ your money.
save; invest
invest; lay out
spend; invest
invest; endow
If your assets total more than your liabilities, you will have a _____ net worth.
negative
equal
positive
unknown
When you set financial goals, they should be
timely, bank-based, specific, and yours.
specific, measurable, time-sensitive, yours, and written.
specific and measurable.
only time sensitive.
Which of the following is NOT a component of a budget?
credit score
saving
income
giving
How often should you create a budget?
daily
weekly
monthly
yearly
What does a budget show you?
How much you need to save.
How much money you plan to come in and go out during the month.
How much money you need to earn.
How much money you spent last month.
Detailed categories on your budget will help you make better spending decisions.
TRUE
FALSE
A budget says what will happen with your money, while a cash-flow statement shows what already happened.
TRUE
FALSE
Net income is the amount you get paid before taxes.
TRUE
FALSE
Why is tracking your expenses throughout the month important?
It allows you to delete categories you don't like.
It gives you insight into whether you're sticking to the budget you set.
It helps you pull money from your savings to spend in other categories.
It really isn't that important in the long run.
A common misconception is that budgeting will keep you from having fun, when in reality a budget
adds more stress to your life.
means you are free to use your money however you want.
restricts your fun completely.
gives you permission to spend.
When is the right time to start creating and living by a budget?
Right now!
When you start researching colleges.
Once you have a full time job.
When you're ready to buy a car.
What is a good way to make sure you're creating a budget that's realistic?
Make sure you create a budget every day.
Make sure your budget is perfect before starting.
Check your calendar so you can plan for upcoming expenses.
Make sure you have enough money in your savings to cover if you overspend.
Why is budgeting so important?
It's a good way to make sure all your money is spent by the end of the month.
It helps you figure out the best way to justify purchases that maybe aren't necessary.
It gives you control of your money and sets you up for financial success in the future.
It helps you brush up on your math skills.
You'll have less freedom with your money if you
invest in a stock market.
are paying for things in your past.
put money in a bank account.
make less than $35,000 a year.
If you really want to save money, you've got to
fly economy class.
live on less than you make.
invest in a Roth IRA
have a financial advisor.
