WorksheetsFL: Chapter 2 Review
Total questions: 17
Worksheet time: 11mins
Planning to buy a car in one year is an example of a _____ goal.
short-term
medium-term
long-term
realistic
Monthly rent payments are an example of a(n) _____ expense.
fixed
variable
discretionary
emergency
Which of the following is a benefit of making charitable contributions?
Tax deductions on an individual's income tax return.
A feeling of fulfilling social responsibility.
Being philanthropic is known to make individuals feel happier and relieve stress.
All of the above.
Data _____ is the process of studying data with the goal of discovering new information that can help with making decisions.
processing
inputting
analysis
synthesis
In a cash flow statement, what are expenses called?
Cash Inflow
Actual Inflow
Cash Outflow
Actual Outflow
Cash and savings that can be converted to cash quickly and easily are _____.
current assets
current liabilities
fixed assets
long-term liabilities
Obligations to be paid over a long period of time are _____.
current assets
current liabilities
fixed assets
long-term liabilities
In what stage of the family life cycle does marriage usually occur?
beginning stage
expanding stage
developing stage
launching stage
In what stage of the family life cycle does retirement usually occur?
expanding stage
developing stage
launching stage
aging stage
A(n) (a) is the time between birth and death.
A plan for the use of money over time is a(n) (a) .
Any form of money received is (a) .
A(n) (a) is a cost that changes in both the amount and time it must be paid.
An item of value that is owned is a(n) (a) .
What is the first step in developing a financial plan?
Set goals
Creating a budget
Estimate total income
Analyze expenses
How much should your emergency fund be?
$500
3-6 Months of rent
3-6 Months of ALL expenses
All bills that need paid
Draw a budget.
