var LO_01 = { Questions : [ { ID : "LO1-1", Prompt : "If you make separate entries on your budget for car payment, gas, insurance and maintenance, you are using a line item budget.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010203", }, { ID : "LO1-2", Prompt : "If your expenditures are being sorted into groups such as Home, Transportation, Food, Medical and Entertainment, you are using a category budget.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010203", }, { ID : "LO1-3", Prompt : "If you base each new budget on what you made in the previous month, you are using a percentage budget. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010203", }, { ID : "LO1-4", Prompt : "If you use 50% of your money to cover necessities, 30% for flexible spending and save 20%, you are using a zero-sum budget. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010203", }, { ID : "LO1-5", Prompt : "Which type of budget sorts expenditures by group?", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "A", SlideID : "010203", }, { ID : "LO1-6", Prompt : "Which type of budget tracks what you spend by expenditure type?", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "B", SlideID : "010203", }, { ID : "LO1-7", Prompt : "Which type of budget plans next month’s expenses on this month’s expenses?", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "C", SlideID : "010203", }, { ID : "LO1-8", Prompt : "Which type of budget follows a set of percentages to divide up your income?", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "D", SlideID : "010203", }, { ID : "LO1-9", Prompt : "This type of budget is a very good beginner’s budget, but those in higher tax brackets and/or who wish to claim tax deductions would find a more refined budget more useful. ", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "A", SlideID : "010203", }, { ID : "LO1-10", Prompt : "This type of budget is a good budget for people who hate the idea of making many decisions or tracking things at a detailed level because decisions are made at a higher level, one time.", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "D", SlideID : "010203", }, { ID : "LO1-11", Prompt : "This type of budget is for people who like to avoid risk, those who find it hard not to spend more than they have and for people who have flexible incomes.", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "C", SlideID : "010203", }, { ID : "LO1-12", Prompt : "This type of budget is for people who like detailed work and enjoy organizing and keeping track of things. It is excellent for people who earn a lot of money or have a lot of debt. ", OptionA : "category", OptionB : "line item", OptionC : "zero-sum", OptionD : "percentage", OptionE : "", Answer : "B", SlideID : "010203", } ], PullCount : 5 } var LO_02 = { Questions : [ { ID : "LO2-1", Prompt : "Your budget can be a very useful tool but only if you ", OptionA : "keep at least $2,500 in an emergency fund.", OptionB : "stick to it and revise it as necessary.", OptionC : "earn over $35,000 annually.", OptionD : "use software or an app.", OptionE : "", Answer : "B", SlideID : "010302" }, { ID : "LO2-2", Prompt : "Budgets should be supported by (1) an emergency fund and (2) a savings account. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010302" }, { ID : "LO2-3", Prompt : "If you have to move money around to cover expenses, your budget has failed. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010302" }, { ID : "LO2-4", Prompt : "There is no reason to check your budget more than twice a month if you have a good budget and you are following it.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010302" }, { ID : "LO2-5", Prompt : "Which of these is the recommended amount to have in an emergency fund? ", OptionA : "$500", OptionB : "$750", OptionC : "$1,000", OptionD : "$1,500", OptionE : "", Answer : "C", SlideID : "010302" }, { ID : "LO2-6", Prompt : "Money that is not budgeted or in your emergency fund should be", OptionA : "spent on things you want.", OptionB : "left in your checking account.", OptionC : "used only to buy a certificate of deposit.", OptionD : "saved until you can move it to something that earns more interest.", OptionE : "", Answer : "D", SlideID : "010302" }, { ID : "LO2-7", Prompt : "What impact does the Federal Reserve have on your budget?", OptionA : "It makes money more or less available to consumers.", OptionB : "It drives the supply side of production and distribution.", OptionC : "It controls the stock market by increasing public demand.", OptionD : "It sets the base price of necessities such as gas and food.", OptionE : "", Answer : "A", SlideID : "010303" }, { ID : "LO2-8", Prompt : "What impact does the U.S. economy have on your budget?", OptionA : "It makes it easier or harder to qualify for loans and sets interest rates.", OptionB : "It set the interest rates banks use to borrow money from one another.", OptionC : "It controls the supply of money in order to stabilize market conditions.", OptionD : "It determines the price of goods and services based on supply and demand.", OptionE : "", Answer : "D", SlideID : "010303" }, { ID : "LO2-9", Prompt : "To make your budget even more useful, watch the Fed and the economy to determine when to make major financial decisions. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010303" }, ], PullCount : 2 }; var LO_03 = { Questions : [ { ID : "LO3-1", Prompt : "This budget is created, evaluated on a regular basis and revised as necessary. It is based on your current financial life.", OptionA : "Current budget", OptionB : "Projected budget", OptionC : "Long term financial plans", OptionD : "Goals and objectives for building wealth", OptionE : "Retirement plan", Answer : "A", SlideID : "010304" }, { ID : "LO3-2", Prompt : "This budget forecasts what you predict will happen in the immediate future (within a year or two).", OptionA : "Current budget", OptionB : "Projected budget", OptionC : "Long term financial plans", OptionD : "Goals and objectives for building wealth", OptionE : "Retirement plan", Answer : "B", SlideID : "010304" }, { ID : "LO3-3", Prompt : "These detail what you plan to accomplish and how you are going to achieve it; many people have 5-, 10- and 20-year plans.", OptionA : "Current budget", OptionB : "Projected budget", OptionC : "Long term financial plans", OptionD : "Goals and objectives for building wealth", OptionE : "Retirement plan", Answer : "C", SlideID : "010304" }, { ID : "LO3-4", Prompt : "These show how you plan to use the money supply and the market economy to your benefit. It should also include savings goals.", OptionA : "Current budget", OptionB : "Projected budget", OptionC : "Long term financial plans", OptionD : "Goals and objectives for building wealth", OptionE : "Retirement plan", Answer : "D", SlideID : "010304" }, { ID : "LO3-5", Prompt : "This outlines how you will live when you can’t---or don’t want to---support yourself by working.", OptionA : "Current budget", OptionB : "Projected budget", OptionC : "Long term financial plans", OptionD : "Goals and objectives for building wealth", OptionE : "Retirement plan", Answer : "E", SlideID : "010304" }, { ID : "LO3-6", Prompt : "The earlier you think about your retirement plan, the more flexibility you will have later in life.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010304" }, { ID : "LO3-7", Prompt : "It is best to begin saving for a comfortable retirement at age 40.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010304" }, { ID : "LO3-8", Prompt : "All financial plans, including budgets, depend on your ability to save money and plan for its use in advance.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010306" }, { ID : "LO3-9", Prompt : "The first steps in creating a budget that saves money is to choose a budget type first and then a tool to implement it. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010306" }, { ID : "LO3-10", Prompt : "To ensure savings, decide how much you will save each month and make that the first item in your budget.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010306" }, { ID : "LO3-11", Prompt : "Budgets that help you save money always include a", OptionA : "line item for an unforeseen financial crisis.", OptionB : "way to pay down debt and use credit wisely.", OptionC : "method of incurring debt now to save money later.", OptionD : "plan to pay off debt before establishing an emergency fund.", OptionE : "", Answer : "B", SlideID : "010306" }, { ID : "LO3-12", Prompt : "It is a good thing to make adjustments within your budget period.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010306" }, { ID : "LO3-13", Prompt : "If you end up with a negative balance at the end of the month, put it on a charge card and then pay it back over a period of time.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010306" }, { ID : "LO3-14", Prompt : "If you end up with a negative balance at the end of the month and cannot fix it by adjusting the budget or borrowing from savings, roll the negative amount over to the next month and deal with it using new income.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010306" }, ], PullCount : 3 }; var LO_04 = { Questions : [ { ID : "LO4-1", Prompt : "Saving money is hard because you are making yourself your least important item in your budget. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010308" }, { ID : "LO4-2", Prompt : "Saving money tends to increase your independence, self-respect and sense of achievement. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010308" }, { ID : "LO4-3", Prompt : "To live within a budget, you must", OptionA : "make it very strict and inflexible.", OptionB : "use savings to balance it every income period.", OptionC : "look at budgeting as a \"have to\" and not a \"want to\" activity.", OptionD : "be patient with yourself, fix your mistakes and move forward.", OptionE : "", Answer : "D", SlideID : "010309" }, { ID : "LO4-4", Prompt : "Staying on your budget relies on your ability to control yourself when you want to act against your own best interests.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010309" }, { ID : "LO4-5", Prompt : "Looking at your budget and making minor adjustments should be a source of satisfaction; if it is not, try another budget type. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010309" }, { ID : "LO4-6", Prompt : "If you find yourself borrowing from your savings to balance your budget, it is a sign your income may be too low to live on a budget. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010309" }, { ID : "LO4-7", Prompt : "Borrowing money and using credit can be dangerous because they spend like income, but are not. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010309" }, { ID : "LO4-8", Prompt : "Adjusting the budget as you live out the income period is part of budgeting.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010309" }, { ID : "LO4-9", Prompt : "You should cut back on the number of celebrations you have while you are on a budget. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010309" }, ], PullCount : 3 } var LO_05 = { Questions : [ { ID : "LO5-1", Prompt : "Revise your budget when you have", OptionA : "spent too much money in a budget line.", OptionB : "a life event that had a major financial impact.", OptionC : "purchased an item that was not budgeted.", OptionD : "a line-item, zero-sum or percentage budget.", OptionE : "", Answer : "B", SlideID : "010310" }, { ID : "LO5-2", Prompt : "When you revise your budget due to a new job, use your projected income to pay for expenses such as relocation or uniforms.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010310" }, { ID : "LO5-3", Prompt : "If you lose a job, do not try to revise your budget until you know what your new expenses will be. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010310" }, { ID : "LO5-4", Prompt : "If you get a pay increase under 5%, use the extra money to build your savings or pay off debt instead of revising your budget.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010310" }, { ID : "LO5-5", Prompt : "Revise your budget if you are unable to save money. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010310" }, { ID : "LO5-6", Prompt : "Never revise your budget during a major life change, such as a marriage, divorce or birth of a child. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010310" }, { ID : "LO5-7", Prompt : "If you are paying for daily expenses with credit, revise your budget. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010310" }, ], PullCount : 2 } var LO_06 = { Questions : [ { ID : "LO6-1", Prompt : "Online savings accounts typically pay less interest than ones offered by traditional financial institutions.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010404" }, { ID : "LO6-2", Prompt : "These do not allow you to touch your money for a set term unless you want to pay penalty charges. The longer the term, the higher the interest.", OptionA : "Certificates of Deposit (CDs)", OptionB : "Money Market Accounts (MMAs)", OptionC : "Treasury Bills and Notes (Treasuries)", OptionD : "", OptionE : "", Answer : "A", SlideID : "010404" }, { ID : "LO6-3", Prompt : "This account type limits you to a low number of penalty-free withdrawals, but may pay enough interest to protect you from inflation. They require you to maintain a fairly high balance.", OptionA : "Certificates of Deposit (CDs)", OptionB : "Money Market Accounts (MMAs)", OptionC : "Treasury Bills and Notes (Treasuries)", OptionD : "", OptionE : "", Answer : "B", SlideID : "010404" }, { ID : "LO6-4", Prompt : "This is how the United States government borrows money from you. They are tax-free, which is a good way to keep taxes from eating into your profits.", OptionA : "Certificates of Deposit (CDs)", OptionB : "Money Market Accounts (MMAs)", OptionC : "Treasury Bills and Notes (Treasuries)", OptionD : "", OptionE : "", Answer : "C", SlideID : "010404" }, { ID : "LO6-5", Prompt : "Checking accounts are great for paying routine expenses but a terrible place to park money because, if they pay interest, you will pay it back in fees and ATM charges.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010404" }, { ID : "LO6-6", Prompt : "Your emergency fund should be kept in a certificate of deposit, where it can earn interest.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010404" }, { ID : "LO6-7", Prompt : "Online savings accounts may pay more interest but you may give up immediate access to your money. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010404" }, { ID : "LO6-8", Prompt : "If you want a better interest rate but want to be able to get money out when you need it, get a certificate of deposit. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010404" }, { ID : "LO6-9", Prompt : "Having an interest-bearing account can protect you from the effects of inflation.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010404" }, { ID : "LO6-10", Prompt : "If you have a money market account (MMA), you will be able to make a limited number of withdrawals. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010404" }, { ID : "LO6-11", Prompt : "You can buy a Treasury bill or note for as little as $100. ", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "A", SlideID : "010404" }, { ID : "LO6-12", Prompt : "Treasury notes offer U.S. citizens opportunities to borrow money from their government.", OptionA : "True", OptionB : "False", OptionC : "", OptionD : "", OptionE : "", Answer : "B", SlideID : "010404" }, ], PullCount : 5 } var myKC_Data = [ LO_01,LO_02,LO_03,LO_04,LO_05,LO_06 ]; var myGroupID = "module1"; var mySlideID = "0108"; var myModuleNum = 1; var myKCPassTemplate = "#template-kc-pass"; var myKCConclusion = "#template-conclusion"; var statusAudio = "../master/shared_content/audio/KCStatusM.mp3"; var failAudio = "../master/shared_content/audio/KCNotPassM.mp3"; var beginAudio = "../master/shared_content/audio/KCInfoM.mp3"; var conclusionAudio = "content/module1/audio/ITPR0108.mp3"; var myKC = KnowledgeCheck(); myKC.Init( myKC_Data, myGroupID, mySlideID, myModuleNum, myKCPassTemplate, myKCConclusion, null, beginAudio, conclusionAudio, statusAudio, failAudio );