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At a very basic level, personal financial management simply means gaining an understanding of your ………………in order to make the most of your assets in day-to-day life and in planning for your future.
A. Financial Situation
B. Money Spending ability
C. Financial Management
ANSWER: A
The main areas of personal finance are ………., spending,……., investing, and protection.
A. Savings spending and income investing
B. Income spending and savings investing
ANSWER: B
Spending includes all types of expenses an individual incurs related to buying goods and services or anything that is consumable.
A. Yes
B. No
ANSWER: A
Investing relates to the purchase of assets that are expected to generate a …………….., with the hope that over time the individual will receive back more money than they originally invested.
A. Rate of Return
B. Investment of funds
C. Funds
ANSWER: A
Saving refers to excess cash that is retained for future Investing or Spending
A. No
B. Yes
C. Mostlikely
ANSWER: B
One of the common Personal protection is……….. insurance.
A. House
B. Property
C. Life
ANSWER: C
Common forms of savings include physical cash and……………account.
A. Bank
B. Piggy
C. Business
ANSWER: A
Common sources of spending are rent, taxes ,food and Entertainment, travel,mortgage, credit cards etc
A. Yes
B. No
ANSWER: A
…………. is the most complicated area of personal finance and is one of the areas where people get the most professional advice.
A. Ponzi
B. Investing
C. Trading
ANSWER: B
If there is a surplus between what a person earns as income and what they spend, the difference can be directed towards……….. or………....
A. Savings or Investment
B. Spending or Saving
C. Invseting or spending
ANSWER: A
To spend or live below your means, you have to create a …………… on monthly or regular basis.
A. Financial flow
B.
C. Budget
ANSWER: C
To track your monthly expenses check your account……………. Regularly or monthly.
A. Statement
B. Expenses
C. Budget
ANSWER: A
To start getting out of debt you must identify how much you are …………..and …………...
A. Earning and spending
B. Owing and Earning
C. Owing and spending
ANSWER: B
3 of the components of the financial planning process are Assessment.goals,plan development,execution,monitoring and reassessment
A. Yes
B. No
C. Either of the three
ANSWER: A