Personal Finance: Budgeting, Expenses, and Identity Protection

This is test Q Question 1. The primary purpose of a spending plan is to achieve which of the following goals? Which of the following is NOT a way to earn income? A monthly utility bill is an example of which of the following expenses? A rent payment is an example of which type of expense? Donating to the local animal shelter is an example of which of the following types of expenses? Which records can NOT give a thief access to your personal information? If your identity is stolen, who becomes responsible for restoring your credit to good standing? 3. Where is a more popular place a thief would go to try to steal your personal information? How is it best to get rid of information you receive in the mail? Why do stores intentionally put small and inexpensive items near the checkout lines? 2. Which of the following types of goals best describes something you can achieve in more than 12 months, but less than five years? 3. Which of the following types of goals best describes something you can achieve in more than five years? Which of the following types of goals best describes something you can achieve in less than 12 months? 5. Which of the following is the first step in developing your goals? 1. Which of the following should NOT be considered when choosing a bank? 2. Which type of bank is most widely used? 3. Which type of bank has customers who are also owners? Which type of bank offers full investment services as its main business? 5. Which type of bank does not have an actual physical location? 1. What is the purpose of providing a bank statement to a customer? 2. Which of the following is NOT one of the main components of a bank statement? . You should keep all deposit receipts as well as receipts for purchases until which of the following happens? 4. Why is the closing date listed at the top of your statement important information? 5. The opening balance of your most recent statement should equal which of the following? 1. What are the two features of online and mobile banking? 2. Standard banking hours used to be 9 a.m. to 3 p.m., Monday through Friday. These hours meant what for their customers? 3. Which of the following is NOT one of the advantages of online and mobile banking? 4. Which of the following is NOT a security feature? 5. PIN is an acronym which stands for which of the following? Answer To help you see the amount of income you have each month, pay all of your expenses, and put money into savings Volunteering at church C. Variable B. Fixed A. Discretionary D. Gift card to a department store C. You A. Your trash C. Use a shredder before placing it in the trash A. So shoppers will buy them without much thought B. Intermediate goals C. Long-term goals A. Short-term goals A. Identify your personal goals D. The size of the bank A. Commercial banks B. Credit unions C. Brokerage firms D. Virtual banks B. To provide a snapshot of activity on the account during a specific time period C. Listing of deposits made during the previous three months A. Reconciliation process A. It provides you with a cutoff date for transactions included in the statement. A. Closing balance of your last statement C. Convenience and security A. Access to their money was limited to these hours. B. Manual bank reconciliation is still required. C. Use of birthdates as your PIN B. Personal Identification Number 1. Why is it a good idea to treat your savings account as a fixed expense each month? 2. In which of the following choices are the expenses in the right order according to how they must be paid each month? 3. Which of the following entities do NOT have access to your credit report? 4. Which of the following is the first step you should take if your identity is stolen? C. Contact the bank and credit card companies where you hold accou 7. The location of which of the following is important when considering a bank? 8. Which piece of information will you most likely NOT have receipts for when reconciling your bank statement manually? 10. The conversion of a message into code is known as which of the following? A. Money can be deposited before it is used for discretionary spending. D. Pay the fixed and variable expenses, then pay the discretionary expenses C. Potential employers who are looking for new employees with good credit C. Contact the bank and credit card companies where you hold accounts A. ATMs A. Interest earned on an account D. Encryption