Financial Health

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| By Cchmcmember

Cchmcmember

Community Contributor

Quizzes Created: 4 | Total Attempts: 6,105

Questions: 10 | Attempts: 2,169 | Updated: Mar 20, 2023

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Read the two articles on Financial Health. Answer the questions, score 80% or better and receive 10 MHP points.

Questions and Answers

1.

The best way to create a budget is to buy an expensive software package.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
You Could use a paper ledger, an electronic spreadsheet, a softwear package or a free service from the Internet.

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2.

Setting goals is an important element of financial wellness. Setting goals...
- A.
  
  Could cover the short term which is within the year
- B.
  
  Could cover an intermediate term which is up to five years
- C.
  
  Could cover long term which is more than five years away
- D.
  
  Gives you an objective view of spending
- E.
  
  All of the above
Correct Answer
E. All of the above

Explanation
You should set financial goals as you would set any wellness goals.

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3.

Cash flow is the movemnet of money in and out of your household. True or False?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Cash flow refers to the movement of money in and out of a household. It represents the income and expenses that occur over a specific period of time. Therefore, the statement "Cash flow is the movement of money in and out of your household" is true.

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4.

The way to measure cash flow is to : There are two correct answers
- A.
  
  Track all of your income and expenses
- B.
  
  Track your spend and savings based on your pay schedule
- C.
  
  Leave out what you put into savings
Correct Answer(s)
A. Track all of your income and expenses
B. Track your spend and savings based on your pay schedule

Explanation
Yes, track all income and expenses including debt reduction and savings to get the best picure of cash flow.

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5.

Special purchases, such as presents and holiday gifts, need to be figured into the budget. The best way to do this is figure the total amount of the purchases and divide it by 12 months.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
When you follow this advice, you will have enough to cover these items.

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6.

If your expenses are running high you could, Check all that apply.
- A.
  
  Look for ways to spend less.
- B.
  
  Cut back on eating out.
- C.
  
  Give up on tracking
Correct Answer(s)
A. Look for ways to spend less.
B. Cut back on eating out.

Explanation
If you have followed the steps, ways to help get back on track could include reduce spending on items that are not necessary.

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7.

Once a budget is determined, it should always remain as is.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Life situations change and you might need to adjust your budget from time to time.

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8.

You can adjust your buget by making small changes in your habits. True or false?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
You can adjust your budget by making small changes. One less trip to the vending machine might help save some money, especially when you look at this over a year's time.

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9.

It's never too late to start saving. True or False.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Start saving now, every little bit helps.

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10.

Overspending can cause a stressful situation. By looking at your spending and your saving and setting goals you are on the right track to feeling more confident about your financial health. True or False.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
All of this is true and can help provide peace of mind. It's important to know these numbers!

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Current Version
Mar 20, 2023

Quiz Edited by
ProProfs Editorial Team
Oct 29, 2012

Quiz Created by
Cchmcmember

Financial Health

The best way to create a budget is to buy an expensive software package.

Setting goals is an important element of financial wellness. Setting goals...

Cash flow is the movemnet of money in and out of your household. True or False?

The way to measure cash flow is to : There are two correct answers

Special purchases, such as presents and holiday gifts, need to be figured into the budget. The best way to do this is figure the total amount of the purchases and divide it by 12 months.

If your expenses are running high you could, Check all that apply.

Once a budget is determined, it should always remain as is.

You can adjust your buget by making small changes in your habits. True or false?

It's never too late to start saving. True or False.

Overspending can cause a stressful situation. By looking at your spending and your saving and setting goals you are on the right track to feeling more confident about your financial health. True or False.