WorksheetsPersonal Finance ch 1 and 2 review
Total questions: 44
Worksheet time: 1hrs 5mins
Tangible items that can be touched, used, and purchased are _____.
services
goods
wants
needs
Ethical behavior calls for honesty. Which of the following actions could be considered ethical?
Borrowing a classmate’s homework to copy the answers.
Studying for a test with a friend.
Checking personal e-mail at work during your shift.
Returning a homecoming dress to the store after wearing it to the dance.
Which of the following is an example of a human resource?
knowledge
time
money
possessions
What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?
marginal analysis
opportunity costs
cost-benefit analysis
common sense
Social Security, Medicare, and Medicaid are examples of what?
entitlements
outsourcing
globalization
technological advances
_____ gives you access to a vast diversity of goods and services through worldwide markets.
Social media
Globalization
Technology
Offshore outsourcing
Planning to buy a car in one year is an example of a (a) goal.
Monthly rent payments are an example of a(n) (a) expense.
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.
When a budget period ends, fill in the (a) column and total each section.
Process of organizing and using resources to achieve predetermined objectives.
Intangible activity that another person usually performs for a fee.
Change in total benefit of using one additional unit.
(a)
Value of the option you gave up.
(a)
Possession of a body of financial knowledge, a set of basic skills, and the ability to apply knowledge and skills to making informed, responsible financial choices.
(a)
Supply of something that can be used when needed.
(a)
Things a person desires but can live without.
(a)
Overall structure of values and goals that guides a person’s behavior and provides a sense of direction in life.
(a)
Amount of money that can be easily accessed in case of a job layoff, illness, or unexpected expense.
(a)
Amount spent for an item that a person could do without.
(a)
Money that remains after a person has paid all of his or her expenses.
(a)
Personal financial strategy that can help you save money.
(a)
Donation of money or other property.
(a)
Goal that you want to reach today, next week, or in two or three months.
(a)
Process of setting up an organized system for important documents.
Goal that may take several years to achieve.
Major problem that changes a person or family’s lifestyle and future.
Financial obligation that requires future payment.
Set amount that must be paid each budget period.
Difference between what is owned and what is owed.
What is the difference between a need and a want?
What is the purpose of a budget?
Wyatt owns a car worth $3400, a laptop worth $500 and has $100 in the bank. He owes $500 on his car loan. How much in assets does he have?
What are his Liabilities?
What is his net worth?
Paige earns $500 a week in net income. She spends $1200 in rent per month, $150 on food and $50 for her water bill every month. How much does she earn per month?
How much are her fixed expenses?
How much discretionary income does she have per month?
Complete the following: (a) is the process of managing your money to achieve personal economic satisfaction.
Complete the following: A (a) is something you aim to achieve in the future.
Complete the following: (a) is the cost of borrowing money, usually expressed as a percentage.
Complete the following: An (a) is anything of value that is owned.
Complete the following: (a) is the difference between the total assets and total liabilities.
Explain the difference between a need and a want.
