Your Future, Your Finances (CA)
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What is one reason your needs might change?
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Having a baby
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Getting a pet
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Being diagnosed with a medical condition
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All choices are correct
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- 2.
Before you can write an effective spending plan, you must first:
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Make at least $25,000 per year
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Identify needs and wants
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Speak with an accountant
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Purchase a computer to track your income and expenses
Correct Answer
A. Identify needs and wants -
- 3.
What happens if you see you overspent on a need in your spending plan?
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You need to file for bankruptcy
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You should adjust your budget; look for ways to save in other areas of the spending plan so that your projected expenses better match your actual expenses
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You will have to take out a payday loan to cover the extra costs
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There’s no need to keep a spending plan if you’re not able to stay within your projected expenses
Correct Answer
A. You should adjust your budget; look for ways to save in other areas of the spending plan so that your projected expenses better match your actual expenses -
- 4.
When should you review your spending plan?
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Monthly and throughout the month
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Only on the first day of each month
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Once a year
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Never. A spending plan will basically always stay the same
Correct Answer
A. Monthly and throughout the month -
- 5.
What is a good strategy for preparing your spending plan?
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Guess how much you will spend on groceries and then cut that number in half. Challenge yourself to spend half of what you normally do on food
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List your wants first and then your needs. Getting things that you want will make you happy, so you should make sure you can afford them
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List your needs and then your wants. Research how much you should expect to spend on each item and then review what you spend throughout the month. Adjust your spending plan if needed
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Make a spending plan, but never look at it again. You learn enough about how to spend your money by creating the spending plan
Correct Answer
A. List your needs and then your wants. Research how much you should expect to spend on each item and then review what you spend throughout the month. Adjust your spending plan if needed -
- 6.
A credit report is basically a report card that shows how well you pay off your debts.
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True
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False
Correct Answer
A. True -
- 7.
Which of the following is a good way to improve your credit score or maintain a good credit score?
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Only apply for credit when you need it; multiple credit applications can drop your score
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Do not max out credit cards
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Make payments on time and keep your balances as low as possible
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All choices are correct
Correct Answer
A. All choices are correct -
- 8.
Which of the following weighs heaviest in calculating your credit score?
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Length of credit history (how long you’ve had credit with a bank or lending organization)
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Amount owed (how much money you owe on credit cards, houses, cars, etc.)
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Payment history (how well you payed off your debts, if you made late payments, etc.)
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Types of credit in your name (mortgage, car loan, credit card, etc.)
Correct Answer
A. Payment history (how well you payed off your debts, if you made late payments, etc.) -
- 9.
What is one good reason to go to www.AnnualCreditReport.com and request your credit report?
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To look for lines of credit that do not belong to you or are inaccurate. Youth who have been in foster care are more likely to have their identities stolen and unauthorized accounts opened
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You can use your credit report to see if you have stayed on budget
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Most places charge up to $50 for a credit report, but at www.AnnualCreditReport.com, a report is only $10
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All choices are correct
Correct Answer
A. To look for lines of credit that do not belong to you or are inaccurate. Youth who have been in foster care are more likely to have their identities stolen and unauthorized accounts opened -
- 10.
The things people want are different, but their needs are the same.
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True
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False
Correct Answer
A. False -
Quiz Review Timeline (Updated): Apr 22, 2020 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Apr 22, 2020Quiz Edited by
ProProfs Editorial Team -
Apr 28, 2017Quiz Created by
Qpicalifornia
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