Unit Test Answers
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Which would be most helpful when considering a large expenditure that might require repeating payments? Select three options.
A
careful consideration of short-term goalsB
recording the number of assets you currently ownC
creating a budget to consider future income and spendingD
learning more about different kinds of accounts to manage moneyE
learning about opportunity cost22
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When a student enters college, tuition is the
A
future cost.B
future benefit.C
immediate cost.D
immediate benefit.23
Colin listed his assets and liabilities on a personal balance sheet. Colin’s Balance Sheet (August 2013)AssetsLiabilitiescash$1,500credit card$500stocks$800rent$800car$5,000car loan$1,200coin collection$1,200student loan$5,000Total Total Which statement is true about the total assets and the total liabilities?
A
The total of the assets and the liabilities are the same.B
The total of the assets is greater than the total of the liabilities.C
The total of the assets is less than the total of the liabilities.D
The total of the assets cannot be compared to the total of the liabilities.24
Planning to finance higher education helps people prepare for their financial future because it teaches them about
A
loans and interest.B
savings accounts.C
filing taxes.D
short-term goals.25
Omar’s income statement for the month of October is shown. What is Omar’s net income for October?
A
$1,000B
$1,500C
$2,500D
$3,500Did you find these answers helpful?
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