D. Lack of awareness of amounts needed to meet future goals

What do saving and investing have in common?
A. Both are negatively affected by diversification.
B. Both are designed mainly to make money over time.
C. Both are good ways to prepare for later years of life.
D. Both are subject to sudden changes in the ra

The Haley's calculated that it would take 30 years to double the money they invested in a retirement account. Which rule for saving and investing does this BEST illustrate?
A. Pay yourself first" Rule of Saving
B. Rule of 70-20-10
C. Rule of 72
D. Saving

Karen owes her grandmother $85. She should list this on her balance sheet as a(n):
A. asset.
B. liability.
C. net worth.
D. owner's equity

Jan spent $50 this month on clothing and $65 on entertainment. Jan should list these on her income and expense statement as:
A. expenses.
B. income.
C. net gains.
D. net losses.

How are saving and investing different?
A. Investors want to be able to easily access their money, while those who save do not.
B. People save so they can pay for unexpected needs; they invest to make a profit.
C. People who save tend to be better risk-ta

How are savings and investments different? Savings are:
A. less secure than investments.
B. more liquid than investments.
C. more risky than investments.
D. more volatile than investments.

Lily ran out of cash before getting paid for each of the past three pay periods. In order to take a closer look at her recent monthly earnings and spending, Lily needs to prepare a(n):
A. balance sheet.
B. income and expense statement.
C. savings plan.
D.

Dee set up a weekly spending plan showing columns for income and expenses. What step in the spending plan process should Dee do NEXT?
A. Implement the spending plan
B. Make realistic estimates for income and expenses
C. Set smart financial goals
D. Use a

D.Nancy paid more for her stocks, but has less risk.

What do saving and investing have in common?
A. Both allow money to be withdrawn at any time.
B. Both are known for their safety and low level of risk.
C. Both involve putting money into a savings account.
D. Both may be used to help reach financial goals

What do saving and investing have in common?
A. Both are designed primarily to make a large profit.
B. Both are usually risk-free.
C. Both may be used to get ready to pay big expenses.
D. Both yield high rates of interest.

Haley just finished listing her financial goals and wants to determine her net worth. Haley needs to prepare a(n):
A. balance sheet.
B. income and expense statement.
C. savings plan.
D. spending plan.

John had $75 in total expected income for the month and $125 in total anticipated expenses. What is John's net gain or loss?
A. Net gain of $50
B. Net gain of $200
C. Net loss of $50
D. Net loss of $200

C. Savings involve low risk factors, but the risks with investments are greater.

Samantha saved $75 a month, even in December, when she wanted to buy holiday gifts for her family and friends. Which rule for saving and investing does this BEST illustrate?
A. Over-relying on credit for expenses
B. Rule of 70-20-10
C. Rule of 72
D. View

. After Chuck prepared an income and expense statement, he found a way to plan his budget so he would not have to borrow money. Which direct benefit of financial planning does this illustrate?
A. Being financially independent
B. Not having resources to ma

Jason has $500 in a savings account. He should list this on his balance sheet as a(n):
A. asset.
B. liability.
C. net worth.
D. owner's equity.

Alice told her mother she plans to save $250 by April 1. What step in the spending plan process should Alice do NEXT?
A. Implement the spending plan
B. Make realistic estimates for income and expenses
C. Organize a record keeping format
D. Use a control s

Since Gloria was laid off from her job and is having trouble paying her bills, she puts no money into savings. This is an example of which reason individuals fail to save and invest?
A. Depending too heavily on credit
B. Depending on insurance too much
C.

When Meredith received her first paycheck, she decided to set aside money to buy a car before spending any of the income. Which rule for saving and investing does this BEST illustrate?
A. "Pay yourself first" Rule of Saving
B. Rule of 70-20-10
C. Rule of

Marie's balance sheet showed that the difference between her assets and liabilities was $5,000. This is the amount of Marie's:
A. asset.
B. balance sheet.
C. liability.
D. net worth.

Mark works part-time at a shoe store for $450 a month. He owns a motorcycle valued at $1,500 which costs him $120 per month for gas and upkeep. Mark has $200 in a checking account and $800 in savings. He spends $200 a month for food and $120 for incidenta

D. Set smart financial goals