Succeeding in the World of Work

Chapter 20: Managing Your Money

Interactive Practice Tests

1
What is the term for a plan for saving and spending money based on your income and expenses?
A)cash flow
B)a business plan
C)a budget
D)taxes
2
Expenses that change each month are called
A)fixed expenses
B)flexible expenses
C)income
D)actual expenses
3
Developing a strategy to meet present and long-term financial needs is called
A)investing
B)strategizing
C)financial planning
D)saving
4
The first step in making a budget is to
A)keep records of your spending.
B)decide on your goals.
C)increase your income.
D)decrease your expenses.
5
An example of a fixed expense is
A)concert tickets.
B)rent and car payments.
C)clothing and magazines.
D)medical costs.
6
An example of a flexible expense is
A)car payments.
B)rent.
C)clothing costs.
D)insurance payments.
7
Financial records are only useful to you if they are
A)hand written.
B)filed alphabetically in accordion files.
C)computerized.
D)reviewed regularly.
8
Your income should be
A)less than or equal to your expenses.
B)twice as high as your expenses.
C)equal to or more than your expenses.
D)half as much as your expenses.
9
As you move toward adulthood, your financial responsibility
A)increases.
B)decreases.
C)stays the same.
D)is not important anymore.
10
Your financial plans may require change if you
A)get married.
B)change jobs.
C)experience inflation or a recession.
D)all of the above.
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