FCS 320 - Family Resource Management » Spring 2022 » Quiz 13 Chapter 13

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
If I have enough money to pay my bills, then it is not necessary for me to budget.
A.   False
B.   True
Question #2
Personal factors that affect budgetary decisions include:
A.   Stage in the life cycle
B.   Goals and values
C.   Income
D.   All of these are personal factors that affect budgetary decisions.
E.   Family size and composition
Question #3
The first step in creating a budge is to:
A.   Revise your friends budget
B.   Allocate all of your income to fixed expenses.
C.   Track your income and expenses for a period of time, such as a month
D.   Cut variable expenses
Question #4
Which of the following would NOT be an example of a fixed expense?
A.   Cell phone bill
B.   Eating out expenses
C.   Car payment
D.   Rent
Question #5
What should I do if I have credit problems and can't pay my bills?
A.     
B.   Avoid phone calls from my credit card company when they call.
C.   Don't pay it. The debt will eventually go away.
D.   Contact a reliable resource such as By Design Financial Solutions to seek assistance.
E.   Pay a little bit whenever you can. It's okay to miss payments for a month or two.
Question #6
It is important to consider my personal goals when creating a budget.
A.   True
B.   False
Question #7
An emergency fund is money you set aside to cover your living expenses for a minimum of 3 months in case you have no income or not enough income to cover expenses.
A.   False
B.   True
Question #8
You should never use credit as a substitute for income.
A.   False
B.   True
Question #9
A financial statement that consists of the value of your assets minus you liability is called?
A.   Monthly Statement
B.   Cash-Flow
C.   Credit Card Statement
D.   Net Worth
Question #10
A financial statement that tracks your income and expenses for a period of time, usually monthly is called:
A.   Credit Card Statement
B.   Checking Account Statement
C.   Net Worth Statement
D.   Cash-Flow Statement

Need help with your exam preparation?

Existing Quiz Clients Login here