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Exam 3: Money Management Strategy: Financial Statements and Budgeting

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Question 31

Multiple Choice

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When it comes to savings,most Americans:

A) have an adequate emergency fund.
B) devote large portions of their income to savings.
C) find saving difficult.
D) keep substantial amounts in a regular savings account.
E) reduce the amount they save during their working lifE.

F) A) and D)
G) C) and E)

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Question 32

Multiple Choice

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Which of the following payments would be considered a variable expense?

A) rent
B) installment loan payment
C) mortgage payment
D) payment on a car loan
E) water bill

F) A) and B)
G) D) and E)

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Question 33

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Which one of the following presents a summary of income and outflows for a period of time?

Diane Rossiter lives with her two sons,ages 6 and 9.They have had difficulty managing their finances.What purposes could a budget serve for the Rossiters? What actions would you suggest for the budgeting process to be successful?

Which of the following are considered to be personal financial statements?

A family with $45,000 in assets and $22,000 of liabilities would have a net worth of:

A personal cash flow statement can serve as the basis for the budget categories used by an individual or family.

Allen Arnold has determined that the amount of money he spends on his mortgage payment,car insurance payment,and cable bill totals $1,200 each month.What type of expenses has Allen determined with this calculation?

Most income tax documents should be kept for _____ year(s) .

The value of items owned minus the amounts owed to others equals:

Jamie McFarland has determined that the value of her liquid assets is $4,500,the value of her real estate is $128,000,the value of her personal possessions is $62,000,and the value of her investment assets is $73,000.She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000.What is the total value of her debts?

Amy Farmer has developed a budget that she follows each month.She went to the office supply store and purchased a spiral notebook.Each month she pens in what she wants to spend in the various categories.At the end of the month,she pens the amount that she actually spent in each of these categories and compares the results.What type of budget has Amy created?

During the past month,Jennifer Ernet had income of $3,000.During the month,her net worth declined by $200.If no other financial activities occurred,this means Jennifer's payments for the month were:

Which type of financial records includes stock and bond reports?

Definite financial obligations are referred to as variable expenses.

Patricia McDonald has determined that the value of her liquid assets is $4,500,the value of her real estate is $128,000,the value of her personal possessions is $62,000,and the value of her investment assets is $73,000.She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000.What is Patricia's net worth?

What are the main components of a personal balance sheet and a cash flow statement? What is the main purpose of each of these personal financial statements?

Nick Boss has a savings account with $550 in it.He knows that he can withdraw this money whenever he wishes.This would be an example of:

A personal balance sheet presents:

Jonathan Wynn has developed a budget that he follows each month.Jonathan has an envelope for each type of expenditure.After he cashes his paycheck,he puts the amount of cash in each envelope that he plans to spend on that category each month.What type of budget has Jonathan created?