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Jeopardy True/False True/False Terms Short/Long A or L Q$100 Q$100 Q$100 Q$100 Q$100 Q$200 Q$200 Q$200 Q$200 Q$200 Q$300 Q$300 Q$300 Q$300 Q$300 Q$400 Q$400 Q$400 Q$400 Q$400 Q$500 Q$500 Q$500 Q$500 Q$500 Final Jeopardy $100 Question from True/False A balance sheet is a record of assets and liabilities at a point in time— True or False? $100 Answer to True/False What is True. $200 Question from True/False The difference between assets and liabilities is called your cash flow— True or False? $200 Answer to True/False What is False. $300 Question from True/False Variable expenses are for the same amount each time—True or False? $300 Answer to True/False What is False. $400 Question from True/False A budget variance is the difference between budgeted amounts and actual spending—True or False? $400 Answer to True/False What is True. $500 Question from True/False The most popular retirement income plan is the individual retirement account (IRA)—True or False? $500 Answer to True/False What is True. $100 Question from True/False Cash inflows are the money you spend on food, clothing, and other living expenses—True or False? $100 Answer to True/False What is False. $200 Question from True/False Estate planning includes the distribution of your property at death—True or False? $200 Answer to True/False What is True. $300 Question from True/False An annuity is a series of regular payments made to a retired worker under a plan—True or False? $300 Answer to True/False What is False. $400 Question from True/False Financial planning generally reduces an individual’s financial uncertainties—True or False. $400 Answer to True/False What is True. $500 Question from True/False Putting together a good budget is a very time-consuming process—True or False? $500 Answer to True/False What is False. $100 Question from Terms The amount of a paycheck after taxes and other payroll deductions. $100 Answer to Terms What is net income or net pay? $200 Question from Terms A report of your current financial condition and a strategy for your financial future . $200 Answer to Terms What is a financial plan? $300 Question from Terms Items of value, such as money, investments, automobiles, and jewelry. $300 Answer to Terms What are personal assets? $400 Question from Terms The amount of money you plan to use for a certain budget category. $400 Answer to Terms What is an allowance? $500 Question from Terms Costs that occur on a regular basis, such as rent or mortgage payments. $500 Answer to Terms What are fixed expenses? $100 Question from Short or Long-Term Buying a new sweater. $100 Answer to Short or Long-Term What is short-term? $200 Question from Short or Long-Term Saving for a class trip to Washington, D.C. $200 Answer to Short or Long-Term What is long-term? $300 Question from Short or Long-Term Buying a new car. $300 Answer to Short or Long-Term What is long-term? $400 Question from Short or Long-Term Having your coat dry cleaned. $400 Answer to Short or Long-Term What is short-term? $500 Question from Short or Long-Term Going to a concert with friends. $500 Answer to Short or Long-Term What is short-term? $100 Question from Asset or Liability Computer. $100 Answer to Asset or Liability What is an asset? $200 Question from Asset or Liability Checking account. $200 Answer to Asset or Liability What is an asset? $300 Question from Asset or Liability Balance on store charge account. $300 Answer to Asset or Liability What is a liability? $400 Question from Asset or Liability Car loan. $400 Answer to Asset or Liability What is a liability? $500 Question from Asset or Liability Money borrowed to pay tuition. $500 Answer to Asset or Liability What is a liability? Final Jeopardy Question The age when traditional IRA (individual retirement account) contributions can be withdrawn but are then taxed. Final Jeopardy Answer What is 59 ½?