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Financial Literacy-Budgeting Exam Questions and Answers
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  • Financial Literacy

A financial plan is created like a - Answer-blueprint for building a house A person increases his net worth by - Answer-increasing assets and decreasing liabilities A person has a house worth $100,000, a mortgage of $90,000, savings of %5,000, a car valued at $10,000, a $7,000 car loan, and $...

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  • October 13, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • financial literacy budgeting exam questions and an
  • a financial plan is created like a answer bluep

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy-Budgeting Exam
Questions and Answers
A financial plan is created like a - Answer-blueprint for building a house

A person increases his net worth by - Answer-increasing assets and decreasing
liabilities

A person has a house worth $100,000, a mortgage of $90,000, savings of %5,000, a
car valued at $10,000, a $7,000 car loan, and $3,000 in credit card debt. This person's
net worth is - Answer-$15,000

A financial plan does not include - Answer-bankruptcy

A person increases liquidity when he - Answer-makes weekly deposits in a bank
savings account

A 21 year old college graduate starting her first full time job wants to buy a home by age
30. Why should she include this goal in her financial plan - Answer-she is more likely to
achieve her goal if she starts saving and investing now in order to have the down
payment needed to by the house

The best description of cash inflow is money: - Answer-received from different sources,
such as salary and interest earned on bank accounts

A person's cash outflow includes - Answer-payments by a person to a retirement
account

Which is the correct order for making financial decisions? - Answer-set specific goals,
put goals in writing, have a plan of action. rethink goals if necessary

Which is a true statement about goals? - Answer-intermediate goals are those that can
be accomplished in one to five years

Which of the following does not show a correct match? - Answer-cash inflow: interest
paid on a loan

A high school student starts a lawn mowing business. His riding lawn mower costs
$1,000, gas for the season is $2,000. He spends $500 for gas driving to and from jobs,
$300 for supplies and repairs, and $200 for a trimmer. Each of his 20 customers pays
$40 a week for a 20-week season. What is the outcome of this business venture? -
Answer-he makes a $12,000 profit

A financial plan should: - Answer-be evaluated periodically and revised as needed

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