Test Bank for Personal Finance 7Th Canadian edition By Kapoor
Test Bank for Personal Finance 7th Canadian Edition by Kapoor is a comprehensive resource for students studying personal finance. The test bank contains a variety of multiple choice, true/false, and short answer questions to test students’ knowledge of the material covered in the textbook.
The chapters covered in the test bank include personal financial planning, managing your money, managing credit, insurance and risk management, investments, retirement and estate planning, and tax planning. Each chapter contains a variety of questions that assess the students’ understanding of the key concepts covered in the chapter.
The questions in the test bank are designed to challenge students and ensure that they have a thorough understanding of the material. The questions cover a range of difficulty levels, from basic recall questions to more complex application questions.
The test bank is an essential resource for instructors teaching personal finance and can be used to create quizzes, exams, and other assessments. The test bank provides instructors with a variety of questions to choose from, making it easy to create customized assessments that meet their specific needs.
Overall, the Test Bank for Personal Finance 7th Canadian Edition by Kapoor is a valuable resource for students and instructors alike. It provides students with an opportunity to practice and reinforce their understanding of the material covered in the textbook, while also providing instructors with a comprehensive set of assessment tools.
Chapter 02
Money Management Strategy: Financial Statements and Budgeting
True / False Questions
1. When one money management decision is selected, something else must be given up.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-01 Recognize relationships among financial documents and money management activities.
Topic: 02-01 Planning for Successful Money Management
2. Opportunity costs are not only associated with money management decisions involving long-term financial security.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-01 Recognize relationships among financial documents and money management activities.
Topic: 02-01 Planning for Successful Money Management
3. Financial records that may need to be referred to on a regular basis should not be kept in a safety deposit box.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-02 Create a system for maintaining personal financial records.
Topic: 02-04 A System for Personal Financial Records
4. A budget is a record of how a person or family has spent their money.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-04 Create and implement a budget.
Topic: 02-09 Budgeting: A Money Management Skill
5. Personal records current budget, checkbook(s), and bank statements.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-02 Create a system for maintaining personal financial records.
Topic: 02-04 A System for Personal Financial Records
6. Most income tax documents and records should be kept in a safety deposit box.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-02 Create a system for maintaining personal financial records.
Topic: 02-04 A System for Personal Financial Records
7. Insolvency is the inability to pay debts by the due date, because liabilities exceed the value of assets.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
8. A person’s net worth is the difference between the value of the items owned and the amounts owed to others.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
9. Furniture, jewelry, and an automobile are examples of liquid assets.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
10. Current liabilities are amounts that must be paid within a short period of time, usually less than a year.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
11. Insolvency is a result of having an unequal balance of tangible and intangible goods.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
12. A personal cash flow statement presents income and outflows of cash for a given time period, such as a month.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
13. Take-home pay is a person’s earnings after deductions for taxes and other items.
TRUE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
14. Medical expenses, clothing, and telephone are examples of fixed expenses.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Easy
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
15. If expenses for a month are greater than income, an increase in net worth will result.
FALSE
Accessibility: Keyboard Navigation
Difficulty: Medium
Learning Objective: 02-03 Develop a personal balance sheet and cash flow statement.
Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability
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