Test your basic knowledge |

Financial Statements And Budgeting

Subject : business-skills
Instructions:
  • Answer 38 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. What are the benefits of having an organized system for financial records?






2. What is gross pay?






3. What is the purpose of personal financial statements?






4. What are various types of liabilities?






5. What types of records would be stored on a home computer?






6. What is the difference between a fixed and variable expense?






7. What types of records go in a safety deposit box?






8. How long should you keep records on real estate?






9. What 2 ways can a person be paid?






10. What are the various types of assets?






11. Assets?






12. What is a cash flow statement?






13. What is money management?






14. What is a w-4?






15. What 3 components are listed on a personal balance sheet?






16. What are the 2 types of cash outflows?






17. What is a balance sheet also called?






18. How long should you keep records on personal property and investments?






19. Cash flow can also be called?






20. What are the 3 components of a cash flow statement?






21. What is a personal balance sheet?






22. What are 3 types of personal financial statements?






23. What are the 3 components of money management?






24. What is a liquid asset?






25. What are the steps in the budgeting process?






26. How is net worth calculated?






27. How can net worth be increased?






28. What types of records go in a home file?






29. Net worth?






30. What is at the heart of financial planning?






31. How is a net can flow determined?






32. What 3 things are spending decisions based upon?






33. What are some oppertunity cost associated with money management?






34. Insolvency?


35. Liabilities?






36. How long should you keep birth certificates - social security cards - etc?






37. How long should you keep tax return forms?






38. What are some sources of income?