WorksheetsCh. 16 Pre-Quiz
Total questions: 10
Worksheet time: 5mins
Savings accounts and a home are examples of
liabilities
assets
net worth
cash outflow
A payment for rent represents
a cash inflow
a cash outflow
a liability
an asset
True or False. Retirement planning is usually considered a short-term goal.
True
False
A major purpose of a budget is to
assist with comparison shopping
achieve financial goals
reduce a person's enjoyment of life
gather data for using credit cards
The most uncertain aspect of the budgeting process
estimating variable expenses
determining net worth
estimating fixed expenses
setting financial goals
A common source of retirement income is
disability income insurance
a mortgage
pensions
unemployment insurance
A long-term financial goal usually involves
less than two years
buying with a credit card
using the services of a financial planner
saving over many years
Which of the following is a fixed expense?
Food
Utilities
Rent
Clothing
Setting financial goals is the ____ step in creating and using a budget.
First
Second
Third
Final
An effective budget should be
Realistic
Flexible
Evaluated regularly
All of the above
