A debit card is something of a cross between a credit card and a checking account.      A. TRUEB. FALSE

Credit bureaus …      A. collect information on your personal lifestyle and medical history.B. are private organizations that maintains credit information on individuals.C. determine whether or not your loan will be approved.D. are government organizations that decide who should get credit and who shouldn’t.

Your net worth, or your general level of financial worth, is found by …      A. dividing your monetary assets by your current liabilities.B. subtracting your liabilities from your assets.C. dividing monthly debt (less mortgage payment) by monthly income.D. subtracting current liabilities from monetary assets.E. subtracting your expenses from your income.

You would only take the standard deduction if it is less than your itemized deduction.      A. TRUEB. FALSE

Current liabilities are those that can typically be paid off in full within twelve months.      A. TRUEB. FALSE

Which of the following is NOT one of the Financial planning process steps?      A. Differentiate your needs from your wants.B. Define your financial goals.C. Develope a plan of action.D. Evaluate your financial health.E. All of the above are steps of Financial planning process.

If you bought a car with a car note from the bank then you should show the car itself on your financial document as a (an) …      A. Asset and liabilityB. liabilityC. AssetsD. None of the above since it is not your car yet.

Which of the following is the last step of the Personal financial planning process?      A. Start budgeting.B. Implement your plan.C. Hire a professional financial planner.D. Just do it.E. None of the above.

One of the biggest rewards of financial planning is …      A. Being a millionaire in a short time frame.B. Making all the money you want to in this life.C. Getting the most happiness over your lifetime given your resources.D. All of the above are valid.

The current value in today’s dollars of a future sum of money is called …      A. present valueB. compounded valueC. future valueD. adjusted valueE. discounted value