Practice Financial Management And Planning (10) - Financial Management and Planning

Practise this section

8 questions

Flashcard drill
2 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
Sign up to start the exercise
Quiz
2 questions · about 1 min · pass mark 70%. Hints available.
Sign up to start the quiz

6 sample questions

Question 1.
What is financial management?
Show hintHide hint
Think about how families handle money.
Question 2.
Name three sources of family income.
Show hintHide hint
Consider all forms of cash inflow.
3Question 3.
What is the first step in financial management?
- Creating a budget
- Evaluating finances
- Tracking expenses
Show hintHide hint
Think about what you need to do before spending.
4Question 4.
True or False: Psychic income is measurable in cash.
- True
- False
Show hintHide hint
Consider what can be counted as money.
Question 5.
A family has a combined monthly income of $4000. They have fixed expenses of $3000. They want to save at least 10% for emergencies. How should they adjust their discretionary spending?
Show hintHide hint
Calculate how much each item in discretionary spending affects their budget.
Question 6.
You find that your family often overspends on entertainment. Create a strategy that can help reduce these costs without sacrificing fun.
Show hintHide hint
Think about how you can still enjoy time together without high costs.

4 more questions in this section. Enroll free to practise them all.