Creating a Personal Budget - Final Assessment PDF

S Creating a Personal Budget T U...

S Creating a Personal Budget T U - Final Assessment D E Directions: N Answer the following questions. T 1. Which of the following refers to personal belongings which have value? A A. Assets S S B. Liabilities E C. Net worth S D. Net profit S M 2. Which of the following is an example of a personal asset? E A. Credit card balance N T B. Mortgage C. Cash D. Rent 3. An individual has total assets of $120,000 and total liabilities of $80,000. What is his net worth? A. $30,000 B. $40,000 C. $50,000 D. $60,000 4. Which of the following is considered to be a short-term goal? A. Saving for a college education B. Saving for a retirement fund C. Starting a new career D. Saving for a family vacation 5. Which type of people likes to plan for the future and are prepared for any type of financial situation? A. Savers B. Spenders C. Risk takers D. Security seekers Accompanies: Creating a Personal Budget 1  S Creating a Personal Budget T U - Final Assessment D E 6. Which of the following refers to individuals who do not consider money as a N necessity and do not have much of an opinion on money? T A. Flyers B. Security seekers A C. Risk takers S S D. Spenders E S 7. What does “A” represent in SMART goal setting practices? S A. Analyzed M B. Attainable E C. Adaptable N T D. Achieved 8. Which of the following is considered to be a long-term financial goal? A. Paying a specific amount on a credit card bill B. Saving for a retirement fund C. Buying a new car D. Saving for a family vacation 9. Which step of the financial planning process involves devising strategies to help accomplish financial goals? A. Determining financial situation B. Identifying courses of action C. Finalizing the plan D. Reviewing the plan 10. Which of the following is the last step in creating a personal financial plan? A. Balancing income and expenses B. Creating financial goals C. Implementing the budget D. Revising the plan Accompanies: Creating a Personal Budget 2