Test Bank Performance Management 3rd Edition Aguinis

Test Bank Personal Finance Finan ce ,10th Edition by Jack Jac k Kapoor

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SAMPLE Chapter 03 Money Management Strategy: Financial Statements and Budgeting

True / False Questions

1. Money management activities refer to long-term investment investment decisions. decisions. True False

2. When one money management decision is made, an alternative must be given up. True False

3. Opportunity costs are only associated with with money management decisions involving long-term financial security. True False

4. Financial records that are referred to on a regular basis should be kept in a safe-deposit box. True False

5. A budget is a specific plan of how a person or family will will spend their money. money. True False

6. A personal balance balance sheet sheet reports your income and expenses. True False

7. A person’s net worth is the difference diff erence between the value of the items item s owned and the amounts owed to others. True False

8. Furniture, jewelry, and an automobile are examples of liquid assets. True False

9. Insolvency is a result of having more liabilities than assets. True False

10. A personal cash flow statement presents income and outflows of cash for a given time period, such as a month. True False

11. TakeTake-home home pay is a person’s earnings after deductions for taxes and other items. True False

12. If expenses for a month are greater than income, an increase in net worth will result. True False

13. A personal cash flow statement can serve as the basis for the budget categories used by an individual or family. True False

14. Definite financial obligations are referred to as variable expenses. True False

Multiple Choice Questions

15. Opportunity costs refer to: A. current spending habits. B. changing economic conditions that affect a person’s cost of living. C. storage facilities to make financial documents easily available. D. trade-offs associated with financial decisions. E. avoiding the use of consumer credit.

16. A home file should be used for: A. storing all financial documents docum ents and records. B. financial records for current needs. C. documents that require maximum security. D. obsolete financial documents. E. records that are difficult to replace.

17. Which of the following financial documents would most likely be be stored in a safe- deposit box? A. W-2 forms B. personal financial statements C. warranties D. savings certificates E. checking account statements

18. Which of the following would be an example of a personal and employment document? A. budget B. passbook C. Social Security card D. property tax bill E. lease

19. Which type of financial records includes stock and bond reports? A. investment B. insurance C. estate planning D. tax E. consumer purchase

20. Warranties are commonly associated with ____________ purchases. A. investment B. insurance C. credit D. financial service E. consumer

21. Which of the following are considered to be personal financial statements? A. budget and credit card statements B. balance sheet and cash flow statement C. checkbook and budget D. tax returns E. bank statement and savings passbook

22. A personal balance sheet presents: A. amounts budgeted for spending. B. income and expenses for a period of time. C. earnings on savings and investments. D. items owned and amounts owed. E. family financial goals.

23. The current financial position (including net worth) of an individual or family is best presented presented with the use of a(n): A. budget. B. cash flow statement. C. balance sheet. D. bank statement. E. time value of money report.

24. A family with $45,000 in assets and $22,000 of liabilities would have a net worth of: A. $45,000. B. $23,000. C. $22,000. D. $67,000. E. $41,000.

25. Items that you own with a monetary worth are referred to as: A. liabilities. B. variable expenses. C. net worth.

D. income. E. assets.

26. The value of items owned minus the amounts owed to others equals: A. net assets. B. net worth. C. total liabilities. D. total income. E. budgeted expenses.

27. Liquid assets refer to: A. amounts that must be paid soon. B. cash and other items that are easily converted to cash. C. total income available to a family for spending. D. the value of investments. E. amounts on which taxes must be paid.

28. An individual retirement account is an example of a(n) ____________ asset. A. personal B. common C. investment D. household E. budgeted

29. Liabilities are amounts representing: A. debts. B. items of value. C. living expenses. D. taxable income. E. current assets.

30. Current liabilities differ from long-term liabilities based on: A. the amount owed. B. the financial situation of the creditor. C. the interest rate charged. D. when the debt is due. E. current economic conditions.

31. Ben Chase needs to pay off some of his debts over the next next few months. Which W hich item on his balance sheet would help him decide what amounts are due in the near future? A. budget variance B. investment assets C. long-term liabilities D. current assets E. current liabilities

32. Which of the following would be considered a long-term liability? A. charge account payment B. mortgage C. six month personal loan D. amount due for taxes E. amount due on a credit card

33. A person’s net worth is computed by: A. adding assets and liabilities. B. deducting current living expenses from total assets. C. subtracting total liabilities from total assets. D. subtracting assets from current liabilities. E. adding liabilities and budgeted expenses.

34. Which one of the following illustrates an insolvent situation? A. assets $56,000; annual expenses $60,000 B. assets $78,000; net worth $22,000 C. liabilities $45,000; net worth $6,000 D. assets $40,000; liabilities $45,000 E. annual cash inflows $45,000; liabilities $50,000

35. A person’s net worth would increase as a resu lt of: A. reduced amounts owed to others. B. reduced earnings. C. increased spending for current living expenses. D. decreased value of personal possessions. E. decreased value of investments.

36. A cash flow statement reports a person’s or a family’s: A. net worth. B. current income and payments. C. plan for spending.

D. value of investments. E. balance of savings.

37. Which one of the following presents a summary of income and outflows for a period of time? A. balance sheet B. bank statement C. investment summary D. cash flow statement E. asset report

38. Total earnings of a person minus the deductions for taxes and other items is called: A. budgeted income. B. gross pay. C. net worth. D. total revenue. E. take-home pay.

39. A common deduction from a person’s paycheck is f or: A. interest. B. taxes. C. rent. D. unemployment. E. current liabilities.

40. Payments that do not vary from month to month are ____________ expenses. A. fixed B. usage C. variable D. luxury E. output

41. Ed Bostrom wants to reduce his fixed expenses. Which action would be appropriate? A. get a part-time job j ob B. eat more meals at home rather than in restaurants C. find a place to live with a lower rent D. save more money for the future E. buy on credit items than might cost more later

42. Which of the following payments would be considered a variable expense? A. rent B. installment loan payment C. mortgage payment D. payment on a car loan E. water bill

43. A decrease in net worth could be the result of: A. income exceeding expenses for a month. B. expenses exceeding income for a month. C. assets exceeding expenses. D. increased earnings on the job. E. income and expenses being equal for a month.

44. During the past month, Jennifer Ernet had income of $3,000. During the month, her net worth declined by $200. If no other financial activities occurred, this this means Jennifer’s payments for the month were: A. $3,200. B. $3,000. C. $2,800. D. $200. E. $0.

45. Improvements in a person’s financial position are the result of: A. increased liabilities. B. reductions in earnings. C. increased savings and investments. D. increased purchases on credit. E. lower amounts deposited in savings.

46. To determine a person’s solvency, which financial document should be consulted? A. cash flow statement B. budget C. debt consolidation statement D. balance sheet E. credit report

47. Which one of the following is the best example example of a long-term goal for a young couple? A. a new car B. reduction of amounts owed on credit cards C. increased savings

D. income for retirement E. funds for a vacation

48. Which one of the following should be budgeted first? A. variable expenses B. vacation expenses C. fixed expenses D. unplanned living expenses E. recreation expenses

49. Changes in the cost of living are: A. different in various geographic areas. B. the same for different locations. C. constant from month to month. D. the same for all goods and services. E. not a factor when preparing a budget.

50. If a family planned to spend $370 for food during March but only spent $348, this difference would be referred to as a: A. variance. B. deficit. C. fixed living expense. D. budget reduction. E. contribution to net worth.

51. A budget deficit would result when a person’s pers on’s or family’s: A. actual expenses are less than planned expenses. B. actual expenses are greater than planned expenses. C. actual expenses equal planned expenses. D. assets exceed liabilities. E. net worth decreases.

52. When it comes to savings, most Americans: 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.

53. Jennifer Rodrick uses a computer to help her record her spending each month. She updates her records weekly. This would be an example of: A. money management. B. an opportunity cost. C. a balance sheet. D. creative accounting. E. electronic analysis.

54. Kyle Burroughs has decided to put $25 more per week in his savings account. 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: A. a budget variance. B. an opportunity cost. C. a balance sheet. D. an accounting error. E. a budget anomaly.

55. Nick Boss has a savings account with $550 $550 in it. He knows that he can withdraw this money whenever he wishes. This would be an example of: A. money management. B. an opportunity cost. C. a limited asset. D. a liquid asset. E. net worth analysis.

56. Karen Price has created a financial statement for herself that lists all of the assets she owns as well as the debts she owes. This would be an example of: A. money management. B. opportunity cost analysis. C. a balance sheet. D. a liquidation exercise. E. a budget variance.

57. A personal balance sheet: 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.

58. Patricia McDonald 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 $7,500 and the value of her long term liabilities is $98,000. What is Patricia’s net worth? A. $267,500 B. $105,500 C. $162,000 D. $205,500 E. $132,000

59. Patricia McDonald 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 and owes $7,800 on her auto loan. She has also purchased some stock worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900

60. Kathy Stumbaugh has determined that the value of her assets is $46,000 and the value of her debts is $32,000. The difference between these two is $14,000. The $14,000 could be referred to as her: A. nest egg. B. total assets. C. adjusted assets. D. debt equity. E. net worth.

61. A family has a net worth of $156,000 and liabilities of $167,000, what is the amount of their assets? A. $11,000 B. $156,000 C. $167,000 D. $323,000 E. $452,000

62. Sean Carter needs to store monthly statements from his bank, his credit card company and from his savings and loan. Where is the most appropriate place for Sean to store this information? A. home file cabinet B. safe deposit box C. personal computer

D. best friend’s house E. None of the above

63. Jerry Allison needs to store the title to his car and his house. Where is the most appropriate place for Jerry to store this information? A. home file cabinet B. safe deposit box C. personal computer D. best friend’s house E. None of the above

64. Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her liquid assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900

65. Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her real estate assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900

66. Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal assets? A. $2,050 B. $98,000 C. $27,800

D. $44,050 E. $171,900

67. Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her investment assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900

68. Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets? A. $127,850 B. $98,000 C. $168,600 D. $159,900 E. $171,900

69. 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 $7,500 and the value of her long term liabilities is $98,000. What is the total value of her assets? A. $267,500 B. $105,500 C. $162,000 D. $205,500 E. None of the above

70. 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 $7,500 and the value of her long term liabilities is $98,000. What is the total value of her debts? A. $267,500

B. $105,500 C. $162,000 D. $205,500 E. None of the above

71. Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $108,000, 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 $9,500 and the value of her long term liabilities is $68,000. What is Jamie’s net worth? A. $267,500 B. $105,500 C. $170,000 D. $205,500 E. None of the above

72. This month, Ken Grossman has cash inflows of $3,100 and cash outflows outflows of $2,950, resulting in a A. balanced budget. B. surplus of $150. C. deficit of $150. D. surplus of $3,100. E. deficit of $2,950.

73. A person has $1,250 in liabilities, monthly savings of $200, and monthly gross income of $2,500. What is the person’s savings ratio? A. 0.52 B. 0.08 C. 2.35 D. 0.16 E. 12.58

74. When preparing her monthly budget, Marge Kent has a total spending allowance of $4,600. Each month she pays $1,200 in rent, $60 for cable television and Internet service, and $240 for her auto loan. What percentage of her budget goes for these fixed expenses? A. 6 percent B. 12 percent C. 27 percent D. 33 percent E. 40 percent

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

A. budget surplus of $7. B. budget deficit of $7. C. budget surplus of $420. D. budget deficit of $413. E. balanced budget.

76. Samuel Jackson has developed a budget that he follows each month. This is a budget budget that he keeps in his head. He does not write anything down, nor does he use a computer to keep track of this budget. What type of budget has Samuel created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the above

77. Jonathan Wynn has developed a budget that he follows each month. Jonathan has an an envelope for each type of expenditure. After he cashes his paycheck, he puts the amount of cash in each envelope that he plans to spend on that category each month. What type of budget has Jonathan created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the answers

78. Amy Farmer has developed a budget that she follows each month. She went to the office supply store and purchased a spiral notebook. Each month she pens in what she wants to spend in the various categories. At the end of the month, she pens the amount that she actually spent in each of these categories and compares the results. What type of budget has Amy created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the answers

79. Jeff Willis has a budget that he follows each month. He has used Microsoft’s Money to to help him determine what he wants to spend each month. At the end of the month, Money automatically automatically compares what he budgeted with what he spent. Jeff can also graph these results if he wants to. What type of budget has Jeff created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the answers

80. An investment account that increases from $1,000 to $1,005 in a month is earning approximately __ percent annual interest. A. 0.5% B. 5.0% C. 6.0% D. 10.0% E. 11.0%

81. An investment account that increases from $3,000 to $3,271 in one year is earning approximately ___ percent annual interest. A. 3 B. 5 C. 7 D. 9 E. 11

82. Allen Arnold has determined that the amount of money he spends on his mortgage payment, car insurance payment, and cable bill totals $1,200 each month. What type of expenses has Allen determined with this calculation? A. current liabilities B. long Term liabilities C. net worth D. variable expenses E. fixed expenses

83. Which of the following is (are) typically considered to be a personal financial record? A. birth certificate B. marriage license C. certificate of deposit D. social security card E. all of the answers

84. Most income tax documents should be kept for _____ year(s). A. 0 B. 1 C. 3 D. 5 E. 7

85. Which of the following would most likely be classified as a current liability? A. monthly balance due on a credit card B. total amount of a mortgage C. balance of a student loan D. total of a home improvement loan E. balance of an auto loan

86. Which of the following would be considered a fixed expense? A. electric bill B. cell phone bill on a plan without unlimited minutes C. mortgage payment D. gas bill E. medical expenses

87. 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 this decision’s ________ cost. A. fixed B. opportunity C. variable D. transaction E. total

88. For January, Bethany DeWeese had cash inflows of $4,200 and cash outflows of $4,750, resulting in a A. balanced budget. B. surplus of $550. C. deficit of $550. D. surplus of $8,950. E. deficit of $4,750.

Essay Questions

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

90. What are the main components of a personal balance sheet and a cash flow statement? What is the main purpose of each of these personal financial statements?

91. Diane Rossiter lives with her two sons, ages 6 and 9. They have had had difficulty managing their finances. What purposes could a budget serve for the Rossiters? What actions would you suggest for the budgeting process to be successful?

92. 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?

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

Chapter 03 Money Management Strategy: Financial Statements and Budgeting Answer Key

True / False Questions

1. (p. 78)Money management activities refer to long-term investment decisions. FALSE

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

2. (p. 78)When one money management decision is made, an alternative must be given up. TRUE

Bloom’s: Comprehension Difficulty: Easy Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

3. (p. 78-79)Opportunity costs are only associated with money management decisions involving long-term financial security. FALSE

Bloom’s: Comprehension Bloom’s: Difficulty: Medium Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

4. (p. 80)Financial records that are referred to on a regular basis should be kept in a safe-deposit box. FALSE

Bloom’s: Knowledge Difficulty: Easy Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

5. (p. 88) A A budget is a specific plan of how a person or family will spend their t heir money. TRUE

Bloom’s: Knowledge Difficulty: Easy Learning Objective: 03-04 Create and implement a budget Topic: Budgeting

6. (p. 82) A A personal balance sheet reports your incom e and expenses. FALSE

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

7. (p. 82) A A person’s net worth is the difference between the value of the items owned and the amounts owed to others. TRUE

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Net worth

8. (p. 83)Furniture, jewelry, and an automobile are examples of liquid assets. FALSE

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

9. (p. 84)Insolvency is a result of having more liabilities than assets. TRUE


10. (p. 85) A A personal cash flow statement presents income and outflows of cash for a given time period, such as a month. TRUE


11. (p. 86)TakeTake-home home pay is a person’s earnings after deductions for taxes and other items. TRUE

Bloom’s: Knowledge Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

12. (p. 88)If expenses for a month are greater than income, an increase in net worth will result. FALSE


13. (p. 90) A A personal cash flow statement can serve as the basis for the budget categories used by by an individual or family. TRUE

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-04 Create and implement a budget Topic: Personal financial statements

14. (p. 88)Definite financial obligations are referred to as variable expenses. FALSE

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Expenses

Multiple Choice Questions

15. (p. 78)Opportunity costs refer to: A. current spending habits. B. changing economic conditions that affect a person’s cost of living. C. storage facilities to make financial documents easily available. D. trade-offs associated with financial decisions. E. avoiding the use of consumer credit.

Bloom’s: Knowledge Difficulty: Easy Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

16. (p. 81) A A home file should be used for: for : A. storing all financial documents docum ents and records. B. financial records for current needs. C. documents that require maximum security. D. obsolete financial documents. E. records that are difficult to replace.


17. (p. 80)Which of the following financial documents would most likely be be stored in a safe- deposit box? A. W-2 forms B. personal financial statements C. warranties D. savings certificates E. checking account statements


18. (p. 81)Which of the following would be an example of a personal and employment document? A. budget B. passbook

C. Social Security card

D. property tax bill E. lease

Bloom’s: Comprehension Difficulty: Easy Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

19. (p. 81)Which type of financial records includes stock and bond reports? A. investment B. insurance C. estate planning D. tax E. consumer purchase

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

20. (p. 81)Warranties are commonly associated with ____________ purchases. A. investment B. insurance C. credit D. financial service E. consumer

Bloom’s: Comprehension Difficulty: Easy Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

21. (p. 82)Which of the following are considered to be personal financial statements? A. budget and credit card statements statem ents B. balance sheet and cash flow statement C. checkbook and budget D. tax returns E. bank statement and savings passbook

Bloom’s: Comprehension Difficulty: Medium

Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial statements

22. (p. 82) A A personal balance sheet presents: A. amounts budgeted for spending. B. income and expenses for a period of time. C. earnings on savings and investments. D. items owned and amounts owed. E. family financial goals.


23. (p. 82)The current financial position (including net worth) of an individual or family is best presented presented with the use of a(n): A. budget. B. cash flow statement. C. balance sheet. D. bank statement. E. time value of money report.


24. (p. 84) A A family with $45,000 in assets and $22,000 of liabilities would have a net n et worth of: A. $45,000. B. $23,000. C. $22,000. D. $67,000. E. $41,000. $45,000 (assets) – (assets) – $22,000 $22,000 (liabilities) = $23,000 (net worth)

Bloom’s: Application Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Net worth

25. (p. 82)Items that you own with a monetary worth are referred to as: A. liabilities. B. variable expenses. C. net worth. D. income. E. assets.


26. (p. 82)The value of items owned minus the amounts owed to others equals: A. net assets. B. net worth. C. total liabilities. D. total income. E. budgeted expenses.


27. (p. 83)Liquid assets refer to: A. amounts that must be paid soon. B. cash and other items that are easily converted to cash. C. total income available to a family for spending. D. the value of investments. E. amounts on which taxes must be paid.


28. (p. 83) An An individual retirement account is an example of a(n) ____________ asset. A. personal B. common C. investment D. household E. budgeted


29. (p. 84)Liabilities are amounts representing: A. debts. B. items of value. C. living expenses. D. taxable income. E. current assets.


30. (p. 84)Current liabilities differ from long-term liabilities based on: A. the amount owed. B. the financial situation of the creditor. C. the interest rate charged. D. when the debt is due. E. current economic conditions.


31. (p. 82)Ben Chase needs to pay off some of his debts over the next few months. Which item on his balance sheet would help him decide what amounts are due in the near future? A. budget variance B. investment assets C. long-term liabilities D. current assets E. current liabilities


32. (p. 84)Which of the following would be considered a long-term liability? A. charge account payment B. mortgage

C. six month personal loan D. amount due for taxes E. amount due on a credit card

Bloom’s: Comprehension Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

33. (p. 84) A A person’s net worth is computed com puted by: A. adding assets and liabilities. B. deducting current living expenses from total assets. C. subtracting total liabilities from total assets. D. subtracting assets from current liabilities. E. adding liabilities and budgeted expenses.


34. (p. 84)Which one of the following illustrates an insolvent situation? A. assets $56,000; annual expenses $60,000 B. assets $78,000; net worth $22,000 C. liabilities $45,000; net worth $6,000 D. assets $40,000; liabilities $45,000 E. annual cash inflows $45,000; liabilities $50,000 $40,000 (assets) – (assets) – $45,000 $45,000 (liabilities) = -$5,000 (net worth) (insolvency occurs when liabilities exceed the value of assets)

Bloom’s: Analysis Difficulty: Hard Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

35. (p. 84) A A person’s net worth would increase incr ease as a result of: A. reduced amounts owed to others. B. reduced earnings. C. increased spending for current living expenses. D. decreased value of personal possessions. E. decreased value of investments.


36. (p. 85) A A cash flow statement reports a person’s or a family’s: famil y’s: A. net worth. B. current income and payments. C. plan for spending. D. value of investments. E. balance of savings.


37. (p. 85)Which one of the following presents a summary of income and outflows for a period of time? A. balance sheet B. bank statement C. investment summary D. cash flow statement E. asset report


38. (p. 86)Total earnings of a person minus the deductions for taxes and other items is called: A. budgeted income. B. gross pay. C. net worth. D. total revenue. E. take-home pay.


39. (p. 86) A A common deduction from a person’s paycheck is f or: A. interest. B. taxes.

C. rent. D. unemployment. E. current liabilities.


40. (p. 87-88)Payments that do not vary from month to month are ____________ expenses. A. fixed B. usage C. variable D. luxury E. output

Bloom’s: Knowled ge ge Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Expenses

41. (p. 87-88)Ed Bostrom wants to reduce his fixed expenses. Which action would be appropriate? A. get a part-time job j ob B. eat more meals at home rather than in restaurants C. find a place to live with a lower rent D. save more money for the future E. buy on credit items than might cost more later

Bloom’s: Analysis Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Expenses

42. (p. 88)Which of the following payments would be considered a variable expense? A. rent B. installment loan payment C. mortgage payment D. payment on a car loan E. water bill

Bloom’s: Comprehension Difficulty: Medium

Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Expenses

43. (p. 84, 88) A A decrease in net worth could be the result of: A. income exceeding expenses for a month. B. expenses exceeding income for a month. C. assets exceeding expenses. D. increased earnings on the job. E. income and expenses being equal for a month.

Bloom’s: Comprehension Difficulty: Hard Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Net worth

44. (p. 84, 88)During the past month, Jennifer Ernet had income of $3,000. During the month, her net worth declined by $200. If no other financial activities occurred, this means Jennifer’s payments for the month were: A. $3,200. B. $3,000. C. $2,800. D. $200. E. $0. $3,000 – $3,000 – (-$200) (-$200) = $3,200

Bloom’s: Application Difficulty: Hard Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Net worth

45. (p. 97)Improvements in a person’s financial position are the result of: A. increased liabilities. B. reductions in earnings. C. increased savings and investments. D. increased purchases on credit. E. lower amounts deposited in savings.

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-05 Relate Money management and savings to activities achieve financial goals Topic: Money management

46. (p. 82)To determine a person’s solvency, which financial document should be consulted? A. cash flow statement B. budget C. debt consolidation statement D. balance sheet E. credit report


47. (p. 90)Which one of the following is the best example example of a long-term goal for a young couple? A. a new car B. reduction of amounts owed on credit cards C. increased savings D. income for retirement E. funds for a vacation

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-04 Create and implement a budget Topic: Budgeting

48. (p. 87-88)Which one of the following should be budgeted first? A. variable expenses B. vacation expenses C. fixed expenses D. unplanned living expenses E. recreation expenses

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Budgeting

49. (p. 93)Changes in the cost of living are: A. different in various geographic areas. B. the same for different locations. C. constant from month to month. D. the same for all goods and services. E. not a factor when preparing a budget.

Bloom’s: Comprehension Difficulty: Hard Learning Objective: 03-04 Create and implement a budget Topic: Budgeting

50. (p. 93)If a family planned to spend $370 for food during March but only spent $348, this difference would be referred to as a: A. variance. B. deficit. C. fixed living expense. D. budget reduction. E. contribution to net worth.


51. (p. 93) A A budget deficit deficit would result when a person’s or family’s: A. actual expenses are less than planned expenses. B. actual expenses are greater than planned expenses. C. actual expenses equal planned expenses. D. assets exceed liabilities. E. net worth decreases.

Bloom’ s: s: Comprehension Difficulty: Medium Learning Objective: 03-04 Create and implement a budget Topic: Budgeting

52. (p. 97)When it comes to savings, most Americans: 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.

Bloom’s: Knowledge Difficulty: Easy Learning Objective: 03-05 Relate Money management and savings to activities achieve financial goals Topic: Money management

53. (p. 78)Jennifer Rodrick uses a computer to help her record her spending each month. She updates her records weekly. This would be an example of: A. money management.

B. an opportunity cost. C. a balance sheet. D. creative accounting. E. electronic analysis.

Bloom’s: Comprehension Difficulty: Easy Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

54. (p. 78)Kyle Burroughs 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: A. a budget variance. B. an opportunity cost. C. a balance sheet. D. an accounting error. E. a budget anomaly.

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

55. (p. 83)Nick Boss has a savings account with $550 in it. He knows that he can withdraw this money whenever he wishes. This would be an example of: A. money management. B. an opportunity cost. C. a limited asset. D. a liquid asset. E. net worth analysis.

Bloom’s: Com prehension Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

56. (p. 82)Karen Price has created a financial statement for herself that lists all of the assets she owns as well as the debts she owes. This would be an example of: A. money management. B. opportunity cost analysis. C. a balance sheet. D. a liquidation exercise. E. a budget variance.


57. (p. 82) A A personal balance sheet: 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.


58. (p. 81-82)Patricia McDonald 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 $7,500 and the value of her long term liabilities is $98,000. What is Patricia’s net worth? A. $267,500 B. $105,500 C. $162,000 D. $205,500 E. $132,000 Total assets = $4,500 + 128,000 + 62,000 + 73,000 = $267,500; Total liabilities = $7,500 + 98,000 = $105,500; Net worth = $267,500 – $267,500 – 105,500 105,500 = $162,000

Bloom’s: Analysis Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Net worth

59. (p. 82-83)Patricia McDonald 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 and owes $7,800 on her auto loan. She has also purchased some stock worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets? A. $2,050 B. $98,000 C. $27,800

D. $44,050 E. $171,900 Total assets = $850 + 1,200 + 98,000 + 12,000 + 3,300 + 12,500 + 5,500 + 38,550 = $171,900

Bloom’s: Analysis Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

60. (p. 82)Kathy Stumbaugh has determined that the value of her assets is $46,000 and the value of her debts is $32,000. The difference between these two is $14,000. The $14,000 could be referred to as her: A. nest egg. B. total assets. C. adjusted assets. D. debt equity. E. net worth.


61. (p. 82) A A family has a net worth wort h of $156,000 and liabilities of $167,000, what is the amount of their assets? A. $11,000 B. $156,000 C. $167,000 D. $323,000 E. $452,000 Assets = $167,000 + 156,000 = $323,000


62. (p. 80)Sean Carter needs to store monthly statements from his bank, his credit card company and from his savings and loan. Where is the most appropriate place for Sean to store this information?

A. home file cabinet

B. safe deposit box C. personal computer D. best friend’s house E. None of the above

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

63. (p. 80)Jerry Allison needs to store the title to his car and his house. Where is the most appropriate place for Jerry to store this information? A. home file cabinet B. safe deposit box C. personal computer D. best friend’s house house E. None of the above

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

64. (p. 83)Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her liquid assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900 $850 + 1,200 = $2,050. These are the only liquid assets listed.

Bloom’s: Application Difficulty: Hard Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Asset classification

65. (p. 83)Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her real estate assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900 $98,000 is the market value of her home and the only real estate asset listed.

Bloom’s: Application Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Asset classification

66. (p. 83)Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900 $12,000 + 3,300 + 12,500 = $27,800


67. (p. 84)Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her investment assets? A. $2,050 B. $98,000 C. $27,800 D. $44,050 E. $171,900

$5,500 + 38,550 = $44,050


68. (p. 83-84)Katherine Kocher 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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets? A. $127,850 B. $98,000 C. $168,600 D. $159,900 E. $171,900 $850 + 1,200 + 98,000 + 12,000 + 3,300 + 12,500 + 5,500 + 38,550 = $171,900


69. (p. 83-84)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 $7,500 and the value of her long term liabilities is $98,000. What is the total value of her assets? A. $267,500 B. $105,500 C. $162,000 D. $205,500 E. None of the above $4,500 + 128,000 + 62,000 + 73,000 = $267,500


70. (p. 84)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 $7,500 and the value of her long term liabilities is $98,000. What is the total value of her debts? A. $267,500 B. $105,500 C. $162,000 D. $205,500 E. None of the above $7,500 + 98,000 = $105,500

Bloom’s: Application Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Personal financial statements

71. (p. 82)Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $108,000, 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 $9,500 and the value of her long term liabilities is $68,000. What is Jamie’s net worth? A. $267,500 B. $105,500 C. $170,000 D. $205,500 E. None of the above Total assets = $4,500 + 108,000 + 62,000 + 73,000 = $247,500; Total liabilities = $9,500 + 68,000 = $77,500; Net worth = ($247,500 – ($247,500 – 77,500) 77,500) = $170,000

Bloom’s: Application Difficulty: Hard Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Net worth

72. (p. 85)This month, Ken Grossman has cash inflows of $3,100 and cash outflows of $2,950, resulting in a A. balanced budget. B. surplus of $150. C. deficit of $150. D. surplus of $3,100. E. deficit of $2,950. $3,100 – $3,100 – 2,950 2,950 = $150 surplus

Bloom’s: Application Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Cash Flows

73. (p. 87) A A person has $1,250 in liabilities, m onthly savings of $200, and monthly gross incom e of $2,500. $2,5 00. What is the person’s savings ratio? A. 0.52 B. 0.08 C. 2.35 D. 0.16 E. 12.58 $200 =/$2,500 = .08 (savings ratio)

Bloom’s: Application Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Financial Ratios

74. (p. 92)When preparing her monthly budget, Marge Kent has a total spending allowance of $4,600. Each month she pays $1,200 in rent, $60 for cable television and Internet service, and $240 for her auto loan. What percentage of her budget goes for these fixed expenses? A. 6 percent B. 12 percent C. 27 percent D. 33 percent E. 40 percent $1,200 + 60 + 240 = $1,500; $1,500/$4,600 = .33 (x 100) = 33%

Bloom’s: Application Difficulty: Medium Learning Objective: 03-04 Create and implement a budget Topic: Budgeting

75. (p. 93)The Hernandez family budgets $420 a month for food. Last month they spent $413, which creates a A. budget surplus of $7. B. budget deficit of $7. C. budget surplus of $420. D. budget deficit of $413. E. balanced budget. $420 – $420 – 413 413 = $7 surplus

Bloom’s: Application Difficulty: Easy Learning Objective: 03-04 Create and implement a budget Topic: Budgeting

76. (p. 96)Samuel Jackson has developed a budget that he follows each month. This is a budget that he keeps in his head. He does not write anything down, nor does he use a computer to keep track of this budget. What type of budget has Samuel created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the above

Bloom’s: Analysis Difficulty: Medium Learning Objective: 03-05 Relate Money management and savings to activities achieve financial goals Topic: Budgeting

77. (p. 96)Jonathan Wynn has developed a budget that he follows each month. Jonathan has an envelope for each type of expenditure. After he cashes his paycheck, he puts the amount of cash in each envelope that he plans to spend on that category each month. What type of budget has Jonathan created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the answers


78. (p. 96) Amy Amy Farmer has developed a budget that she follows each month. She went to the th e office supply store and purchased a spiral notebook. Each month she pens in what she wants to spend in the various categories. At the end of the month, she pens the amount that she actually spent in each of these categories and compares the results. What type of budget has Amy created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the answers


79. (p. 96)Jeff Willis has a budget that he follows each month. He has used Microsoft’s Money to to help him determine what he wants to spend each month. At the end of the month, Money automatically automatically compares what he budgeted with what he spent. Jeff can also graph these results if he wants to. What type of budget has Jeff created? A. mental budget B. physical budget C. written budget D. computerized budget E. none of the answers


80. (p. 97-98) An An investment account that increases from fr om $1,000 to $1,005 in a month is earning earn ing approximately __ percent annual interest. A. 0.5% B. 5.0% C. 6.0% D. 10.0% E. 11.0% $1,005 – $1,005 – 1,000 1,000 = $5; $5 x 12 = $60; $60/$1000 = .06 or 6%

Bloom’s: Application Difficulty: Hard Learning Objective: 03-05 Relate Money management and savings to activities achieve financial goals Topic: Savings Goals

81. (p. 97-98) An An investment account that increases from fr om $3,000 to $3,271 in one year is earning earnin g approximately ___ percent annual interest. A. 3 B. 5 C. 7 D. 9 E. 11 $3,271 – $3,271 – 3,000 3,000 = $271; $271/$3,000 = .09 (x 100) = 9%

Bloom’s: Application Difficulty: Hard Learning Objective: 03-05 Relate Money management and savings to activities achieve financial goals Topic: Savings Goals

82. (p. 85, 87) Allen Allen Arnold has determined that the amount of money he spends on his mortgage m ortgage payment, car insurance payment, and cable bill totals $1,200 each month. What type of expenses has Allen determined with this calculation? A. current liabilities B. long Term liabilities C. net worth D. variable expenses E. fixed expenses

Bloom’s: Analysis Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Expenses

83. (p. 81)Which of the following is (are) typically considered to be a personal financial record? A. birth certificate B. marriage license C. certificate of deposit D. social security card E. all of the answers


84. (p. 80)Most income tax documents should be kept for _____ year(s). A. 0 B. 1 C. 3 D. 5 E. 7


85. (p. 84)Which of the following would most likely be classified as a current liability? A. monthly balance due on a credit card B. total amount of a mortgage C. balance of a student loan D. total of a home improvement loan E. balance of an auto loan


86. (p. 87-88)Which of the following would be considered a fixed expense? A. electric bill B. cell phone bill on a plan without unlimited minutes C. mortgage payment D. gas bill E. medical expenses

Bloom’s: Comprehension Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Expenses

87. (p. 78)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 this th is decision’s ________ cost. A. fixed B. opportunity C. variable D. transaction E. total

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

88. (p. 85)For January, Bethany DeWeese had cash inflows of $4,200 and cash outflows of $4,750, resulting in a A. balanced budget. B. surplus of $550. C. deficit of $550. D. surplus of $8,950. E. deficit of $4,750.

$4,200 – $4,200 – 4,750 4,750 = – = – $550 $550 (a deficit for the month)

Bloom’s: Application Difficulty: Easy Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Cash Flows

Essay Questions

89. (p. 81-82)What types of financial records and documents should be kept in a safe deposit box? Answers will vary Feedback: A safe deposit box should be used to store financial records that are difficult to replace and that are not needed on a day-to-day basis. Examples of items stored in a safe deposit box include stock certificates, contracts, insurance policies, a record of personal belongings, mortgage papers, rare coins, collectibles, and other rare and valuable items.

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-02 Design a system for maintaining Personal financial records Topic: Personal financial records

90. (p. 82-88)What are the main components of a personal balance sheet and a cash flow statement? What is the main purpose of each of these personal financial statements? Answers will vary Feedback: A balance sheet reports the current financial position of an individual or family; it includes assets, liabilities, and net worth. A cash flow statement is designed to report the actual inflow and outflow of cash during a given time period for a person; it includes current income and cash payments.

Bloom’s: Comprehension Difficulty: Medium Learning Objective: 03-03 Develop a personal balance sheet and cash flow statement. Topic: Financial Statements

91. (p. 88-89)Diane Rossiter lives with her two sons, ages 6 and 9. They have had difficulty managing their finances. What purposes could a budget serve for the Rossiters? What actions would you suggest for the budgeting process to be successful? Answers will vary

Feedback: A budget can help a person or family f amily live within their income, spend money wisely, reach financial goals, prepare for financial emergencies, and develop wise financial management habits. A successful budget should be well-planned, realistic, flexible, and clearly communicated.


92. (p. 84, 97)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? Answers will vary Feedback: Total assets = $850 + 3,500 + 1,600 + 78,000 = $83,950. For Darlene to increase her net worth, she should increase her income, decrease her living expenses, increase her savings, or reduce her debt.


93. (p. 78)Explain why opportunity cost is an important concept in money management. Answers will vary Feedback: Opportunity costs are the trade-offs that come from having to give up something when you make a decision. Every decision carries with it an opportunity cost. This is especially important to remember in money management because choosing one path, such as saving your money for the future, means you will have to forego what you could have bought with that money today. The opposite of course is also true. Spending your money today means you won’t have it in the future and you will also miss out on the interest that you could have earned by saving. It is very important to keep this in mind when mapping out your plan for managing your money.

Bloom’s: Knowledge Difficulty: Medium Learning Objective: 03-01 Recognize relationships among financial documents and money management activities Topic: Money management

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