Question 1

Total earnings of a person minus the deductions for taxes and other items is called:

Accepted Answer

A)  budgeted income.
B)  gross pay.
C)  net worth.
D)  total revenue.
E)  take-home pay.F) B) and D)
G) C) and E)

Question 2

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

Accepted Answer

A)  budget surplus of $7.
B)  budget deficit of $7.
C)  budget surplus of $420.
D)  budget deficit of $413.
E)  balanced budget.F) A) and D)
G) A) and C)

Question 3

If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

Accepted Answer

A)  variance.
B)  deficit.
C)  fixed living expense.
D)  budget reduction.
E)  contribution to net worth.F) C) and D)
G) A) and B)

Question 4

Which one of the following should be budgeted first?

Accepted Answer

A)  variable expenses
B)  vacation expenses
C)  fixed expenses
D)  unplanned living expenses
E)  recreation expensesF) A) and B)
G) A) and C)

Question 5

Which one of the following is the best example of a long-term goal for a young couple?

Accepted Answer

A)  a new car
B)  reduction of amounts owed on credit cards
C)  increased savings
D)  income for retirement
E)  funds for a vacationF) A) and B)
G) None of the above

Question 6

Explain why opportunity cost is an important concept in money management.

Accepted Answer

The answer of Explain why opportunity cost is an important...

Question 7

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

Accepted Answer

A)  increased liabilities.
B)  reductions in earnings.
C)  increased savings and investments.
D)  increased purchases on credit.
E)  lower amounts deposited in savings.F) C) and E)
G) A) and E)

Question 8

Money management activities refer to long-term investment decisions.

Accepted Answer

A) True 
 B)False

Question 9

An individual retirement account is an example of a(n) ____________ asset.

Accepted Answer

A)  personal
B)  common
C)  investment
D)  household
E)  budgetedF) B) and D)
G) B) and C)

Question 10

A personal balance sheet:

Accepted Answer

A)  predicts income and expenses.
B)  reports what an individual or a family owes and owns.
C)  reports income and expenses or an individual or a family.
D)  predicts net worth of an economic entity.
E)  analyzes debt payment activities.F) None of the above
G) A) and D)

Question 11

The current financial position (including net worth) of an individual or family is best presented with the use of a(n) :

Accepted Answer

A)  budget.
B)  cash flow statement.
C)  balance sheet.
D)  bank statement.
E)  time value of money report.F) A) and B)
G) B) and E)

Question 12

A cash flow statement reports a person's or a family's:

Accepted Answer

A)  net worth.
B)  current income and payments.
C)  plan for spending.
D)  value of investments.
E)  balance of savings.F) A) and B)
G) B) and D)

Question 13

Darlene Elkin has the following financial amounts: checking accounts $850,savings account $3,500,credit card balance $300,jewelry $1,600,real estate valued at $78,000,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?

Accepted Answer

To calculate Darlene Elkin's total asset...

Exam 3: Money Management Strategy: Financial Statements and Budgeting

Which one of the following should be budgeted first?

Correct Answer
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The current financial position (including net worth) of an individual or family is best presented with the use of a(n) :

Correct Answer
verified

A cash flow statement reports a person's or a family's:

Correct Answer
verified

An individual retirement account is an example of a(n) ____________ asset.

Correct Answer
verified

Explain why opportunity cost is an important concept in money management.

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

Correct Answer
verified

Money management activities refer to long-term investment decisions.

Correct Answer
verified

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

Correct Answer
verified

Total earnings of a person minus the deductions for taxes and other items is called:

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
To calculate Darlene Elkin's total asset...
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If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

Correct Answer
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A personal balance sheet:

Correct Answer
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Which one of the following is the best example of a long-term goal for a young couple?

Correct Answer
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Exam 3: Money Management Strategy: Financial Statements and Budgeting

Which one of the following should be budgeted first?

Correct AnswerverifiedShow Answer

The current financial position (including net worth) of an individual or family is best presented with the use of a(n) :

Correct AnswerverifiedShow Answer

A cash flow statement reports a person's or a family's:

Correct AnswerverifiedShow Answer

An individual retirement account is an example of a(n) ____________ asset.

Correct AnswerverifiedShow Answer

Explain why opportunity cost is an important concept in money management.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Money management activities refer to long-term investment decisions.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Total earnings of a person minus the deductions for taxes and other items is called:

Correct AnswerverifiedShow Answer

Correct AnswerAnswered by ExamLex AITo calculate Darlene Elkin's total asset...View AnswerShow Answer

If a family planned to spend $370 for food during March but only spent $348,this difference would be referred to as a:

Correct AnswerverifiedShow Answer

A personal balance sheet:

Correct AnswerverifiedShow Answer

Which one of the following is the best example of a long-term goal for a young couple?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
Answered by ExamLex AI
To calculate Darlene Elkin's total asset...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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