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Exam 3: Money Management Strategy: Financial Statements and Budgeting

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Question 21

Multiple Choice

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Samuel Jackson has developed a budget that he follows each month. This is a budget that he keeps in his head. He does not write anything down, nor does he use a computer to keep track of this budget. What type of budget has Samuel created?

A) Mental budget
B) Physical budget
C) Written budget
D) Computerized budget
E) None of these

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

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Question 22

Multiple Choice

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Jerry Allison needs to store the title to his car and his house. Where is the most appropriate place for Jerry to store this information?

A) Home file cabinet
B) Safe deposit box
C) Personal computer
D) Best friend's house
E) None of these

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

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Question 23

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Karen Price has created a financial statement for herself that lists all of the assets she owns as well as the debts she owes. This would be an example of:

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?

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?

Payments that do not vary from month to month are ____________ expenses.

To determine a person's solvency, which financial document should be consulted?

Characteristics of successful budgets include that they are:

A decrease in net worth could be the result of:

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:

A budget is a specific plan of how a person or family will spend their money.

Jennifer Rodrick uses a computer to help her record her spending each month. She updates her records weekly. This would be an example of:

An investment account that increases from $3,000 to $3,271 in one year is earning approximately ___ percent annual interest.

For many years, the United States has ranked highest among industrial nations in savings rate.

Sean Carter needs to store monthly statements from his bank, his credit card company and from his savings and loan. Where is the most appropriate place for Sean to store this information?

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets?

For January, Bethany DeWeese had cash inflows of $4,200 and cash outflows of $4,750, resulting in a:

Furniture, jewelry, and an automobile are examples of liquid assets.

Discretionary income is money left over after paying for housing, food, and other necessities.

The Hernandez family budgets $420 a month for food. Last month they spent $413, which creates a: