It’s time for your fifth Quiz. Inside you will find 20 multiple choice, true/false, and fill-in-the-blank questions.
Remember that Quizzes 1-6 are for review purposes only–you will not receive a grade.
- Yes, you can use your notes
- You have NO time limit
- You may skip and then return to any question (but do remember to come back to it, the quiz will not remind you of unanswered questions)
- You may exit the Quiz at any time. When you come back (1) you will see your completed questions and answers (2) you may change any previously answered question (3) you may continue with the Quiz starting where you previously stopped
- You may take the Quiz as many times as you choose.
- Once you have answered all the questions the site page will show you
- The Quiz Title
- The number of Questions you answered correctly
- Remarks/instructions from Bob
- Each Quiz Question and possible answers. The answer you selected will appear in blue. The Ministry answer will have a green check. You must pass the Module 7 Quiz with a score of 80% or higher in order to move on to Phase 3–“Personal Financial and Life Coaching.”
But also remember the Module 7 Quiz: You must score 80% or higher on the Module 7 Quiz in order to move on to Phase 3–“Personal Financial and Life Coaching.”
Even though Quizzes 1-6 are for review purposes only, before you start, pray and ask the Holy Spirit to give you wisdom.
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1.What statement is NOT true about a Balance Sheet?CorrectIncorrect
2. The Balance Sheet has the disadvantage that it moves very slowly.CorrectIncorrect
3. Which statements are true about the Income Statement.CorrectIncorrect
4. The Cash Flow Statement is a snapshot of where you have been financially.CorrectIncorrect
5. Financial ratios are useful for you even if you are just starting to learn to budget and even if your expenses are greater than your income.CorrectIncorrect
6. Which of the following is NOT a good practical reason to budget?CorrectIncorrect
7. Is it possible for some folks to budget in their head and not use paper or electronic tools?CorrectIncorrect
8. If you have a relatively small income or have relatively high debts, then in the short term you may need to focus on which of the following?CorrectIncorrect
9. Bob suggests that you should consider setting short-term financial goals that are…CorrectIncorrect
10. For Bob to help you learn to budget you must have an electronic financial tool kit.CorrectIncorrect
11. Bob recommends that you consider an on-line budgeting service where you enter your budget data on line and that data is stored on line.CorrectIncorrect
12. If you have a home business–if you are self-employed it’s OK if you sometimes pay some of your business expenses using your personal check book.CorrectIncorrect
13. The “Giving” expense category should account for all that you give into the Body of Christ and what you give to help individuals outside the Body of Christ.CorrectIncorrect
14. Your “Savings” accounts are very liquid and easy to get to.CorrectIncorrect
15. No matter how hard you prayerfully work to come up with your actual expenses for Budget #1, you will probably still not account for what percentage of your actual expenses?0CorrectIncorrect
16. Which Preliminary Budget is designed to help you set financial targets?CorrectIncorrect
17. It’s a fact, effective financial budgeting will save you time and money.CorrectIncorrect
18. Effective financial budgeting helps you evade some tax liabilities.CorrectIncorrect
19. What is Bob’s opinion as to what the Bible says is the main reason you are part of this Academy?CorrectIncorrect
20. According to Bob, to get the most out of your time investment into the Academy, you should spend what percentage of your time with the Academy receiving and thinking.CorrectIncorrect