Case Study: Personal Financial Planning — Unit test Answers

Through the successful study of personal finance, an individual will be

What term is used to describe an individual's money and personal property?

Which living expense needs to be included in the budget of someone renting an apartment?

In which column on a check register should the total current amount in the account be entered?

Quincy listed his assets and liabilities. CashRentStocksJewelryStudent LoanUtilitiesWhich are Quincy’s assets? Select three choices.

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Marcus deposited his paycheck in the amount of $625.84. He’ll use the check register to record his transaction. What will be his new balance? Do not use commas in your answer. $

Which of these qualify as variable expenses? Choose three answers.clothing purchasesloan paymentmonthly groceriesapartment rentmedical bills

Emma has decided that she needs to assess the risk and return of buying an extended warranty for her new laptop for school. Which of these practical questions should she ask herself to assess the risk? Select three options.Will the warranty cover the cost of any physical damage?Should I buy a different model?Would it be better for me to buy a desktop computer?Is the cost of replacement less than the cost of the warranty?Is the laptop worth the extra expense of the warranty?

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

Which best describes the purpose of recording past income and spending in a budget?

Fiona wrote a check to the veterinarian for $89.56. She’ll use the check register to record her transaction. What will be her new balance?

The best reason to record income at the top of a budget is

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Lauren is trying to find her net income. She used the statement and the steps shown.Step 1List all income, including tips and commissions, and list all expenses, including food, entertainment, and clothing.Step 2Total all the income. Then total all the expenses.Step 3Add the total of the income and the expenses.Which explains Lauren’s error?