Test Bank For Managing Your Personal Finances 7th Edition by Joan S. Ryan
1. The two elements to consider in budgeting and planning are your income and your expenses.
a. True
b. False
ANSWER: True
2. A set of goals for spending, saving, and investing the money you receive is called a budget.
a. True
b. False
ANSWER: False
3. Before you prepare a budget, it is a good idea to keep track of your income and expenses for a month or two.
a. True
b. False
ANSWER: True
4. You should always create a monthly budget—weekly or biweekly budgets tend to be inaccurate.
a. True
b. False
ANSWER: False
5. In the short-run, fixed costs are easier to change than variable costs.
a. True
b. False
ANSWER: False
6. When assets are greater than liabilities, you are said to be solvent.
a. True
b. False
ANSWER: True
7. A net worth statement will be useful when you apply for a loan or credit.
a. True
b. False
ANSWER: True
8. An express contract is legally binding, but an implied contract is not.
a. True
b. False
ANSWER: False
9. If a person signs a contract because he or she felt threatened to do so, a genuine agreement does not exist.
a. True
b. False
ANSWER: True
10. A court will not require a person to perform an agreed-upon act if it is illegal.
a. True
b. False
ANSWER: True
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