Money Management Skills Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. _____ income should be carefully estimated before it is included in a personal budget.

Question 2 2. Why is it critical to put at least a little money from each paycheck into your savings?

Question 3 3. Since every house is different, what is an important step in creating an energy efficient home?

Question 4 4. Greg wants to file bankruptcy. He wants to keep all of his assets, though his house is in foreclosure. He owes $200,000 on his house and $100,000 in unsecured debt, but has a regular salary of almost $30,000 a year. Which chapter of bankruptcy is Greg likely use?

Question 5 5. Janie's completing a personal balance sheet and is trying to determine the type of liability for her mortgage loan. What type is it?

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Question 6 6. Are wages and salaries considered fixed or variable income?

Question 7 7. Which of the following would be the best equation to use when calculating discretionary income?

Question 8 8. If you have assets of $305,000 and liabilities of $245,000, what is your net worth?

Question 9 9. Which of the following is the best formula to calculate net worth?

Question 10 10. What is the first step in setting your financial goals?

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Question 11 11. Which of these statements best describes liquidity?

Question 12 12. You invest $100 today, and one year from now you will have $112. What is the $112 referred to as?

Question 13 13. A debtor gets to keep some assets, even after declaring bankruptcy. These assets are known as which of the following?

Question 14 14. Which of the following are examples of fixed expenses?

Question 15 15. Which of the following would BEST be considered a fixed expense?

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Question 16 16. What is the relationship between interest rates and consumer spending?

Question 17 17. What is the name of the U.S. Environmental Protection Agency program that promotes superior energy efficient products?

Question 18 18. Which of the following is a liability?

Question 19 19. The government is concerned that interest rates are stagnant. Why would it implement a new monetary policy?

Question 20 20. Which of the following is a good idea for saving electricity through energy conservation?

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Question 21 21. Harry has just bought a brand new washing machine. Which of the following should Harry NOT do?

Question 22 22. Why are non-essential items budgeted last in a personal budget?

Question 23 23. We often discuss the conservation of energy within a house. However, what can be done to prevent energy loss from a home?

Question 24 24. Which of these would a wise consumer agree with?

Question 25 25. Connor recently completed a personal budget workshop and determined he has around $1200 discretionary income each month. What is the best plan for Connor's discretionary income?

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Question 26 26. Valerie intends to pay off her furniture loan in 15 months. This is an example of which type of goal?

Question 27 27. What are some examples of essential expenses?

Question 28 28. Which of the following would you count as cash inflow?

Question 29 29. How can a personal budget benefit an individual?

Question 30 30. Why is cash listed on the balance sheet first?

Money Management Skills Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Finance 102: Personal Finance  /  Business Courses
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