Financial Health

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| By Cchmcmember
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Cchmcmember
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Quizzes Created: 4 | Total Attempts: 6,048
Questions: 10 | Attempts: 2,153

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Finance Quizzes & Trivia

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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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.

    Rate this question:

  • 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!

    Rate this question:

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