Money Matters Workshop Quiz

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* 1. Name

Name

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* 2. A budget is a step-by-step plan for meeting expenses in a given period of time. It is also called a personal spending plan.

True

False

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* 3. The computer system is a small box with dividers for each day of the month.

True

False

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* 4. Gross income is your total income without deductions.

True

False

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* 5. Debt management plan (DMP) is a service offered by reputable credit counseling organizations that advise you on managing your money and debts, help you develop a budget, and offer free educational materials and workshops.

True

False

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* 6. Bankruptcy is a legal proceeding that adjusts the debts of individuals who cannot meet their credit obligations. Although bankruptcy eliminates most debts, certain back taxes, child support, alimony, and student loans must be paid. With a bankruptcy on your credit report, you will pay higher rates and receive less favorable terms on loans in the future.

True

False