How can you pay for a deficit:

Either of these - but they both lower your net worth

Neither of these - you can't pay for a deficit

Which of these lowers you net worth:

Either of these - they both lower your net worth

Using some of your assets to pay for a deficit

Increasing your liabilities to pay for a deficit

Neither of these - you can't pay for a deficit

Which of these correctly state the relationship between income statements and balance sheets:

A surplus on your income statement increases assets or decreases liabilities on your balance sheet

A deficit on your income statement decreases assets or increases liabilities on your balance sheet

Neither of these are true - there is not connection between income statements and balance sheets

What should "balance" on your balance sheet

Liabilities plus net worth should balance assets

Assets should balance liabilities

None of these - nobody knows why they call them "balance sheets"

Who tends to have higher credit card balances:

People who live paycheck to paycheck

Who tends to pay off their credit card balances each month:

People who live paycheck to paycheck

What is one drawback of the "cash stuffing" budgeting method?

If you lose the envelope, your money is gone

Cash is not as convenient as getting paid electronically or paying for things electronically

If you lose the envelope, you must report it to your bank to get more cash

You have to keep your finances organized into categories and plan ahead

Using cash is proven to lead to more mindless spending

Which of these is NOT the best way to deal with the loss of income while one of the parents is on maternity leave?

Set aside part of your budget before the baby arrives

Take money from other categories of your budget after the baby arrives

None of these are good ways to cover it

Which of these do the experts recommend doing when people are expecting a baby:

Save money for unexpected expenses

Buy a new house, because the baby will judge you otherwise

Buy a new car, because the baby will judge you otherwise.

Which or these do courts consider when deciding how much a parent should pay in child support?

Whether the parent has custody of the child

How much money the custodial parent earns.

How much money the non-custodial parent earns.

How much time the child spends with the non-custodial child.

Start your monthly zero-based budget by writing down:

What you spend each month on needs

What you spend each month on wants

What you can put into your savings

What you can add to your investments

F24TH - Budgets, Balance Sheets, Income Statements

12th Grade

•

48 Qs

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F24TH - Budgets, Balance Sheets, Income Statements

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Financial Education

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12th Grade

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Practice Problem

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Easy

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F24TH - Budgets, Balance Sheets, Income Statements

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Your paycheck is _____.

Child support that you receive is _____.

Scholarships that you receive are _____.

Child support that you pay is _____.

Tuition that you pay is _____.

Rent that you pay is _____.

"Housing" that you pay in college is _____.

Student loans are a _____.

A car loan is a _____.

A mortgage is a _____.

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