Finance Flashcards

personal finance chapter 3

money management activities refer to a long-term investment decisions false
characteristics of a successful budgets include that they are well planned, realistic, flexible, clearly communicated
ed bostrom wants to reduce his fixed expenses. which action would be appropriate find a place to live with a lower rent
which one of the following is the best example of a long-term goal for a young couple income for retirement
which one of the following should be budgeted first fixed expenses
a budget is a specific plan of how a person or family will spend their money true
if a family planned to spend $370 for food during March but only spent $348, this difference would be referred to as a: variance
changes in the cost of living are different in various geographic areas
in order to calculate savings ratio, the amount saved each month is divided by net income False
improvements in a person’s financial position are the result of: increased savings and investments
to determine a person’s solvency, which financial document should be consulted? balance sheet
a person has $1250 in liabilities, monthly savings of $200, and monthly gross income of $2500. what is the persons saving ratio? 0.08
financial records that are referred to on a regular basis should be kept in a safe-deposit box. false
a home file should be used for: financial records for current needs
which of the following financial documents would most likely be stored in a safe deposit box saving certificates
which of the following would be an example of a personal and employment document social security card
a personal cash flow statement presents income and outflows of cash for a given time period, such as a month true
the current financial position (including net worth) of an individual or a family is best presented with the use of a(n) balance sheet
the value of items owned minus the amounts owed to others equals net worth
kyle burooughs has decided to put $25 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 savings is important. this would be an example of: an opportunity cost

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