Personal Finance Assessment (Page 2 of 3) in pdf

Personal Finance Assessment Page 2

7. Virtual Enterprise employees are expected to pay for their orders from other Virtual

Enterprise companies when a(n) __________ is received.

a. purchase order

c. invoice

b. email

d. credit

8. Rent, utilities, insurance, gasoline, and food costs are also generally known as __________

expenses.

a. personal item

c. flexible

b. flexible personal

d. fixed living

9. All expenses, fixed and flexible, should always be recorded in a person's …

a. computer.

c. checkbook.

b. check register.

d. diary.

10. Today, most people pay all of their bills electronically or online.

TRUE

FALSE

11. It is extremely important that the Virtual Enterprise employee understand that his or her

total monthly bills should not exceed his or her total monthly net income.

TRUE

FALSE

12. The federal 1040EZ income tax form and the California 540EZ state tax form should be

filed by April 15th of each year.

TRUE

FALSE

13. What is the primary purpose of personal finance in the "real world" and in the "virtual

world"?

14. List 6 of the specified 8 Fixed Monthly Living Expenses that must be paid by each

employee by the 10th of each month. List 2 of the 3 Fixed Weekly Living Expenses that

must be paid by each employee by the end of each week. List 2 general areas for

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Personal Finance Assessment Page 2