Test Review Chapter 4: Personal Finance

What should you do if your budget does not balance?

All of These

Doing without an item you would like to buy now in order to save money for a long term goal is an example of ...

Delayed Gratification

The amount of money a person has to spend after needs are met is called ...

Discretionary Income

Which of the following is a common internet scam in which an email is sent posing as someone from your bank?

Phishing

Your net worth is computed as ...

Assets - Liabilities

Standards against which progress is measured in reaching goals are called ...

Benchmark

Which of the following would not be included in a persons listing of assets?

Car Loan

A ... contains personal and financial goals.

Financial Plan

A ... is a professional consultant who provides advice to help people develop plans to meet their financial goals.

Financial Planner

... includes money or other forms of value that people can use to acquire goods and services.

Financial Resource

... occurs when someone uses your personal information without your permission.

Identity Theft

Goals you wish to achieve in the next 2-5 years.

Intermediate

A personal net worth statement shows all of the following EXCEPT:

Net Cash Flow

Which of the following would be considered a fixed expense?

Rent

True or False

True: 4, 5, 7, 8, 9, 11, 15 False: 1, 2, 3, 6, 10, 12, 13, 14

A utility bill is an example of ...

Variable Expense