1. goals should only be made for long - term plans such as homeownership, college tuition, or retirement…

1. goals should only be made for long - term plans such as homeownership, college tuition, or retirement. true false 2. needs are items required for a basic level of human existence and include food, clothing and shelter. true false 3. fixed expenses are expenses that typically change from month to month such as food, clothing, and utilities. true false 4. higher deductibles on insurance will lower your premiums but increase your risk of out - of - pocket expenses. true false 5. gross income is defined as income after taxes and other withholdings have been subtracted from net income. true false 6. financial experts recommend having an emergency fund that is equal to 3 - 6 months worth of living expenses. true false 7. approximately 10% of an individuals credit score is determined by their payment history true false 8. a debt - to - income ratio of more than 20% may indicate that a person has borrowed too much relative to their income. true false 9. credit reports contain information on race, and medical history. true false 10. credit reports can affect an individuals ability to get a job, purchase a home, and obtain home and auto insurance.

1. goals should only be made for long - term plans such as homeownership, college tuition, or retirement. true false 2. needs are items required for a basic level of human existence and include food, clothing and shelter. true false 3. fixed expenses are expenses that typically change from month to month such as food, clothing, and utilities. true false 4. higher deductibles on insurance will lower your premiums but increase your risk of out - of - pocket expenses. true false 5. gross income is defined as income after taxes and other withholdings have been subtracted from net income. true false 6. financial experts recommend having an emergency fund that is equal to 3 - 6 months worth of living expenses. true false 7. approximately 10% of an individuals credit score is determined by their payment history true false 8. a debt - to - income ratio of more than 20% may indicate that a person has borrowed too much relative to their income. true false 9. credit reports contain information on race, and medical history. true false 10. credit reports can affect an individuals ability to get a job, purchase a home, and obtain home and auto insurance.

Answer

Brief Explanations:

  1. Goals can be short - term too. False.
  2. Basic human needs include food, clothing, shelter. True.
  3. Fixed expenses are stable, not variable like food. False.
  4. Higher deductibles lower premiums, raise out - of - pocket risk. True.
  5. Gross income is before taxes and withholdings. False.
  6. 3 - 6 months' living expenses for emergency fund is common advice. True.
  7. Payment history is major part of credit score, not 10%. False.
  8. High debt - to - income ratio may signal over - borrowing. True.
  9. Credit reports don't have race and medical history. False.
  10. Credit reports impact job, home purchase, insurance. True.

Answer:

  1. False
  2. True
  3. False
  4. True
  5. False
  6. True
  7. False
  8. True
  9. False
  10. True