Section I – Knowledge Check 1. A personal balance sheet is the same as a:* A. Cash flow statement B. Budget C. Statement of shareholder equity D. Net worth statement 2. A personal balance sheet does not include:* A. Liabilities B. Net worth C. Human capital D. Assets 3. A cash flow statement is measured:* A. As a snapshot in time B. Over a period of time C. Daily D. On the 15th of each month 4. Budget items include all of the following except:* A.Health care B. Housing C. Savings/retirement D. Depreciation 5. All of the following are improper uses of credit except:* A. Appreciating assets B. Payday loans C. Vacations D. Personal consumption 6. All of the following can potentially raise your credit score except:* A. Open new credit accounts regularly B. Keep credit card balances low C. Pay your bills on time D. Dispute errors or questionable negative reporting 7. Which method of payment is best suited for online purchases:* A. Cash B. Debit card C. Check D. Credit card 8. Disadvantages to using cash include all of the following except:* A. Doesn’t earn interest B. Can be lost or stolen C. May reduce unnecessary spending D. Frequent trips to the bank or ATM 9. The U.S. tax Code is:* A. Regressive B. Flat C. Linear D. Progressive 10. Possible ways to reduce taxable income include all of the following except:* A. Increase state and federal tax withholdings on your paycheck B. Maximize salary deferral contributions to your 401(k) C. Contribute to a Health Savings Account D. Contribute to a Flexible Savings Account