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Multiple Choice Quiz
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1

You have a positive net worth when the value of your assets is larger than the value of your debt.
A)True.
B)False.
2

Financial advisors suggest that a good rule of thumb for an emergency fund is to have three to six weeks of living expenses saved.
A)True.
B)False.
3

The final step in the budgeting process is to periodically review your spending and savings patterns.
A)True.
B)False.
4

Which of the following is part of the investment records you should keep?
A)Home repair records
B)Records of mutual fund purchases
C)Warranties on major appliances
D)Checking account statements
E)Receipts for charitable contributions
5

Renee Howells has found the items listed below out about herself. What is the total value of her assets?

Checking Account Balance $983
Current Value of Automobile $9800
Household possessions $5000
Balance on Educational Loan $3150
Balance in Savings Account$1495
Home Computer $1200
Stereo Equipment $2400
Balance on Credit Card $1343
Value of Stock Investment $3400
Balance on Car Loan $6500

A)$2478
B)$5878
C)$24,278
D)$10,993
E)$13,285
6

Which of the following is most likely to be a fixed expense?
A)Groceries for the month
B)Monthly cable bill
C)Medical expenses for the month
D)Monthly electrical bill
E)All of the above are likely to be fixed expenses
7

What percentage of people survey said that if they lost their job today that they would fall behind in their bill payments in three months or less?
A)More than half of those surveyed said they would fall behind in three months or less
B)Less than half of those surveyed said they would fall behind in three months or less
C)Less than one quarter of those surveyed said they would fall behind in three months or less
D)Less than ten percent of those surveyed said they would fall behind in three months or less
8

_________ are those liabilities that you do not have to pay in full until more than a year from now.
A)Liquid Assets
B)Personal possessions
C)Long term liabilities
D)Current liabilities
9

A(n) _________ is a specific plan for spending income.
A)Personal balance sheet
B)Personal cash flow statement
C)Personal income statement'
D)Budget
10

A(n) _________ is when the amount budgeted is larger than the amount actually spent.
A)Surplus
B)Deficit
C)Budget variance
D)Insolvency





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