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Personal Finance: Measuring Your Financial Health and Making a Plan
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Personal Finance: Measuring Your Financial Health and Making a Plan
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25 Questions

1. An expenditure that you can control over time and that you can manage is a(n)
2. Before you can hope to achieve your financial goals, you will need to first measure your current financial health and develop a plan and a budget.
3. Current liabilities are those that can typically be paid off in full within 12 months.
4. The current ratio is a measure of liquidity that reflects
5. Bradley went shopping today and used his American Express credit card to buy a new pullover sweater- He used his bank debit card to pay for a video game and bought some snack food with cash- Which of these purchases are difficult to track and monitor on his budget?
6. To determine your net worth, subtract your liabilities from your positive net equity.
7. Which of the following would be included on a personal income statement?
8. Which of the following is a relevant question to ask a financial planner?
9. A budget is a process of setting spending goals for the upcoming month or year.
10. A strong record-keeping system allows you to
11. The term 'fair market value' refers to how the price of an asset has changed since its original purchase.
12. An estimate of your anticipated after-tax income available for living expenses is commonly called take-home pay.
13. ________ planners charge a fee that is reduced by the amount of the commissions they earn.
14. A debt ratio is aimed at determining if you have adequate liquidity to meet emergencies.
15. The term 'fair market value' refers to
16. Assets that you purchase for the purpose of accumulating wealth to satisfy your financial goals are called
17. How would an income statement help you create a financial plan?
18. If the people below, with their respective current ratios, were to lose their jobs today, which one would have more time and more choices until he or she found another job?
19. Jorge has a debt ratio of 37 percent and Jose has a ratio of 102 percent- They both have the same take-home pay every month- How can we describe their current financial situation?
20. Planning and budgeting requires
21. The interest charge on your credit card statement should be listed on your personal income statement as a variable expense.
22. From her annual salary of $60,000, Claudia has $4,500 automatically deducted for insurance on an annual basis- Additionally, $7,500 is deducted each year in taxes- When preparing her personal income statement, what figure should Claudia enter for her income?
23. Suppose that Cathy's assets include an automobile worth $10,000 and a checking account with a $5,000 balance, while her liabilities include a student loan balance of $2,000 and a car loan balance of $8,000- What is her net worth?
24. Patty has $9,000 in monetary assets, annual living expenses of $36,000, a $12,000 car loan balance, and $45,000 in equity in her house- What is her month's living expenses covered ratio?
25. Your ________include cash, checking and savings account balances, and money market funds.

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