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

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Question #1
If I have enough money to pay my bills, then it is not necessary for me to budget.
A.   True
B.   False
Question #2
Personal factors that affect budgetary decisions include:
A.   Goals and values
B.   Family size and composition
C.   All of these are personal factors that affect budgetary decisions.
D.   Income
E.   Stage in the life cycle
Question #3
The first step in creating a budge is to:
A.   Allocate all of your income to fixed expenses.
B.   Cut variable expenses
C.   Revise your friends budget
D.   Track your income and expenses for a period of time, such as a month
Question #4
Which of the following would NOT be an example of a fixed expense?
A.   Cell phone bill
B.   Car payment
C.   Rent
D.   Eating out expenses
Question #5
What should I do if I have credit problems and can't pay my bills?
A.   Pay a little bit whenever you can. It's okay to miss payments for a month or two.
B.   Don't pay it. The debt will eventually go away.
C.     
D.   Avoid phone calls from my credit card company when they call.
E.   Contact a reliable resource such as By Design Financial Solutions to seek assistance.
Question #6
It is important to consider my personal goals when creating a budget.
A.   False
B.   True
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.   True
B.   False
Question #8
You should never use credit as a substitute for income.
A.   True
B.   False
Question #9
A financial statement that consists of the value of your assets minus you liability is called?
A.   Credit Card Statement
B.   Net Worth
C.   Monthly Statement
D.   Cash-Flow
Question #10
A financial statement that tracks your income and expenses for a period of time, usually monthly is called:
A.   Cash-Flow Statement
B.   Credit Card Statement
C.   Net Worth Statement
D.   Checking Account Statement

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