Families Today

Chapter 23: Manage Your Money

Section 2 Practice Test

1
What is a guide to spending and saving called?
A)Spending plan
B)Insurance
C)Option
D)Financial plan
2
Financial planning requires which kind of goal?
A)Long-term and short term
B)Cost and reward
C)Debt and credit
D)Fixed and flexible expenses
3
Which of the following is a step to planning your finances?
A)Record expenses
B)Analyze spending
C)Evaluate your plan
D)All of the above
4
What is a word that means "settle on" when looking at your expenses?
A)Reconcile
B)Determine
C)Examine
D)Estimate
5
Which of the following is a regular expense?
A)Vacation
B)Entertainment
C)Gifts
D)Rent
6
What is a regular expense?
A)Fixed expense
B)Flexible expense
C)Resource
D)Cost
7
Which of the following is a financial danger signal?
A)Paying the whole balance on credit cards
B)Paying fixed expenses with money on hand
C)Using credit to pay for items usually paid with cash
D)All of the above
8
What is an expense that does not occur regularly?
A)Fixed income
B)Flexible expense
C)Credit card
D)Fixed expense
9
Which of the following is an expense that does not occur regularly?
A)Insurance payment
B)Rent
C)Food
D)Books
10
Financial pressure is greatest for families when
A)Children are young
B)Children leave the home
C)Parents retire
D)Children are teens
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