WorksheetsBudgets & Financial Records (FL3)
Total questions: 35
Worksheet time: 18mins
When preparing a budget, which option will NOT be included?
expenses
income
cash surplus
personal property inventory
A long-term set of goals for spending, saving, and investing the money you receive.
net worth statement
budget
financial plan
negotiable instrument
What is the most common type of negotiable instrument?
check
promissory note
warranty
budget
A document that lists things you own, along with purchase prices and approximate current values
warranty
net worth statement
personal property inventory
contract
A statement of assets, liabilities, and overall worth
worth sheet
budget
personal property inventory
net worth statement
When your liabilities are greater than your asset, you are solvent.
True
False
Only written contracts can be legally enforced.
True
False
Some contracts can be implied by actions.
True
False
In a contract, when a valid offer is made and accepted, what is this called?
agreement
consideration
contractual capacity
legality
If you sign a contact, but don't understand the terms, you will still be required to fulfill the contract's requirements.
True
False
Who needs a personal filing system?
People who earn a lot of money
Young people
Retired people
Everyone
Which filing system can be updated quickly and easily?
Paper filing system
Computerized filing system
What percentage of income do financial experts recommend that you save each month (as a minimum)?
20%
30%
40%
50%
Which is an example of a fixed expense?
groceries
gas
rent
clothing
Which is an example of a variable expense?
mortgage
car insurance
student loan
entertainment
Items of value that a person owns
assets
liabilities
net worth
Amounts of money owed to others
assets
liabilities
net worth
Which is an example of an asset?
student loan debt
checking account
credit card
car loan
Which is an example of a liability?
laptop
cell phone
rent
car loan
How many years does the IRS have to audit your tax return?
1
3
5
10
A response to an offer that changes the terms in some way
consideration
counteroffer
agreement
contractual capacity
Computer program that organizes data in columns and rows, and can perform calculations
database
calculator
presentation
spreadsheet
Computer program that organizes data for easy search and retrieval, and can sort information into reports.
database
calculator
presentation
spreadsheet
A spending and savings plan based on your expected income and expenses
checkbook register
contract
budget
spreadsheet
Which type of expenses change from month to month?
fixed
variable
What is the formula to calculate net worth?
assets + liabilities
assets - liabilities
liabilities - assets
liabilities/assets
A legally enforceable agreement between two or more people
contract
budget
consideration
counteroffer
Something of value exchanged for something else of value
legality
contractual capacity
agreement
consideration
Statements about a product's qualities or performances that a seller assures that buyer are true
negotiable instrument
promissory note
warrant
remedy
Which if the following could qualify as consideration in a contract?
cash
a performed service
a valuable item
All are examples of consideration.
An unconditional promise to pay a specified sum of money upon demand
budget
warranty
negotiable instrument
net worth statement
Which filing system needs a backup?
paper filing system
computer filing system
Both systems need a backup
Another term discretionary income
cash surplus
cash deficit
investments
overflow
The warranty of merchantability guarantees that the item will last for at least 10 years.
True
False
A written promise to pay a certain sum of money to another party or the holder of the note on a specified, future date
promissory note
check
warranty
budget
