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Understanding Personal Finances (Grade 10)

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Understanding Personal Finances

1. 
Budgeting is crucial to your financial success.
  1. True
  2. False
 
2. 
You should save money for three basic reasons: emergency fund, purchases and wealth building.
  1. True
  2. False
3. 
Being aware of your money personality will not help you create a money plan.
  1. True
  2. False
 
4. 
ʺPay yourself firstʺ means you should assign a portion of your income to saving and investing every month.
  1. True
  2. False
5. 
A cash flow plan that assigns an expense to every dollar of your income, wherein the total income minus the total expenses equals zero.
  1. zero-based budget
  2. zero-based checking
  3. zero-based living
  4. zero-spending plan
 
6. 
Your monthly budget should include:
  1. Variable expenses
  2. Discretionary expenses
  3. Fixed expenses
  4. All of the above
7. 
Non-essential expenses
  1. Discretionary
  2. Fixed
  3. Intermittent
  4. Variable
 
8. 
Expenses that remain the same from month to month
  1. Discretionary
  2. Fixed
  3. Intermittent
  4. Variable
9. 
Groceries are a:
  1. Fixed expense
  2. Variable expense
  3. Discretionary expense
  4. Intermittent expense
 
10. 
Rent is a:
  1. Fixed expense
  2. Variable expense
  3. Discretionary expense
  4. Intermittent expense
11. 
Car repairs are a:
  1. Fixed expense
  2. Variable expense
  3. Discretionary expense
  4. Intermittent expense
 
12. 
Eating out is a:
  1. Fixed expense
  2. Variable expense
  3. Discretionary expense
  4. Intermittent expense
13. 
Which of the following statements is false?
  1. A cash flow statement summarizes all of the income and outgo (spending) over a certain time period.
  2. A budget is a written plan for saving and spending.
  3. A budget is meant to summarize the saving and spending that has taken place over the past year.
  4. The cash flow statement is reflective of what has already taken place.
 
14. 
Key components of financial planning include all of the following except:
  1. Write out a detailed plan for accomplishing your goals
  2. Replace money myths with money truths
  3. Allow your financial planner to make all of your major money decisions
  4. Regularly monitor and reassess your financial plan
15. 
Why is having a fully funded emergency fund so important when it comes to your financial well-being?
  1. As long as you have a good-paying job, you really donʹt need an emergency fund.
  2. The purpose of an emergency fund is to set money aside for unexpected financial emergencies and to provide a sense of financial security.
  3. The purpose of an emergency fund is to have money set aside for large purchases, like vacations.
  4. None of the above
 
16. 
Which of the following statements best explains why income alone does not determine wealth?
  1. Investing is the only factor that contributes to wealth building.
  2. Income alone does determine a personʹs wealth.
  3. Only people who are natural savers can become wealthy.
  4. How much money a person makes does not dictate his or her spending and saving behavior.
17. 
Which of the following is a consequence of spending more than you make?
  1. Missed opportunity to save and invest
  2. Stress
  3. A cycle of debt
  4. All of the above
 
18. 
Personal financial success is primarily the result of:
  1. Managing your money behavior
  2. Winning the lottery
  3. Generous welfare and unemployment programs
  4. Inheriting money from your parents
19. 
Which of the following is not a benefit of understanding your own money personality?
  1. Recognizing who you are allows you the opportunity to grow and learn.
  2. Once you know your money personality, you can develop a financial plan that works for you.
  3. Knowing your money personality allows you to excuse excessive spending because it is simply part of your nature.
  4. None of the above.
 
20. 
Which of the following best explains why students should learn about personal finance?
  1. Learning to manage money at this stage can eliminate financial mistakes and promote huge financial benefits for the future.
  2. Personal finance skills are better learned through trial and error.
  3. Personal finance skills are highly complex and require a great deal of time to learn.
  4. Learning to manage money will help you achieve a profitable career.
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