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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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The amount of income that a person or household has available to spend after deductions for taxes and other items is called:

A) take-home pay.
B) discretionary income.
C) surplus.
D) budget variance.
E) cash flow.

F) B) and C)
G) A) and B)

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Question 22

Multiple Choice

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When it comes to savings,most Americans:

A) have an adequate emergency fund.
B) devote large portions of their income to savings.
C) find saving difficult.
D) keep substantial amounts in a regular savings account.
E) reduce the amount they save during their working life.

F) None of the above
G) All of the above

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Question 23

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Take-home pay is a person's earnings after deductions for taxes and other items.

Improvements in a person's financial position are the result of:

Which of the following are considered to be personal financial statements?

Catherine Jones 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 mutual fund worth $4,500 and she has a retirement account worth $62,300.What is the value of her investment assets?

A personal balance sheet reports your personal income and expenditures.

Which of the following is typically considered to be a personal and employment record?

Nicholas Bowman has a savings account with $825 in it.He knows that he can easily withdraw this money and spend it whenever he wishes.This would be an example of:

Darlene Edwards has the following financial amounts: checking account $750,savings account $2,200,credit card balance $500,jewelry $1,200,real estate valued at $119,000,a mortgage on the real estate of $23,000.What is the total of Darlene's assets? What actions could she take to increase her net worth?

What types of financial records and documents should be kept in a safe deposit box?

An organized system of financial records provides a basis for:

Catherine Jones has determined the following information about her own financial situation.Her checking account is worth $800 and her savings account is worth $1,100.She owns her own home that has a market value of $122,000.She has furniture and appliances worth $9,500 and a laptop worth $1,400.She has a car worth $12,500.She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $32,500.What is the total value of her assets?

Financial experts recommend monthly savings of:

A decrease in net worth could be the result of:

Kyle Burroughs has decided to put $30 more per week in his savings account.He knows this will reduce his ability to go out to eat each week but thinks building his emergency fund is important.This would be an example of:

Jamie McFarland has determined that the value of her liquid assets is $4,500,the value of her real estate is $128,000,the value of her personal possessions is $62,000 and the value of her investment assets is $73,000.She has also determined the value of her current liabilities is $5,700 and the value of her long-term liabilities is $89,000.What is Jamie's net worth?

Copies of tax returns and supporting data should be kept for ________ year(s) .

Your aunt gives you some money for your birthday and you decide to put it into your savings account instead of spending it.The trade-off of not being able to spend the money now is an example of ________ cost.

For January,Beth Rhodes had cash inflows of $3,500 and cash outflows of $4,050,resulting in a: