Name: Test Bank for Personal Finance 7th Canadian edition By Kapoor | Test Bank Spot
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Test Bank for Personal Finance 7Th Canadian edition By Kapoor

Test Bank for Personal Finance 7th Canadian edition By Kapoor is a must-have resource for students navigating the world of Canadian personal finance. This comprehensive test bank offers a wide range of practice questions and answers, covering essential topics such as budgeting, investing, taxes, and retirement planning, all within the context of the Canadian financial landscape. With this resource, you can reinforce your understanding of key concepts, identify areas for improvement, and confidently approach your exams.

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ISBN: 9781259651465
ISBN: 1259651460

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SKU:000786000195

Test Bank for Personal Finance 7Th Canadian edition By Kapoor

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 NavigationDifficulty: EasyLearning 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 NavigationDifficulty: MediumLearning 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 NavigationDifficulty: EasyLearning 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 NavigationDifficulty: MediumLearning 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 NavigationDifficulty: EasyLearning 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 NavigationDifficulty: MediumLearning 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 NavigationDifficulty: MediumLearning 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

9. Furniture, jewelry, and an automobile are examples of liquid assets.FALSE

10. Current liabilities are amounts that must be paid within a short period of time, usually less than a year.TRUE

Accessibility: Keyboard NavigationDifficulty: EasyLearning Objective: 02-03 Develop a personal balance sheet and cash flow statement.Topic: 02-05 Personal Financial Statements for Measuring Financial Sustainability