1. There is no trick to managing personal finances True False | 2. Personal finance addresses the "less difficulty' of getting a little money. True False | 3. Income is what is earned or received in a given period. True False | 4. When income is less than expenses, you have a budget deficit. True False 5. Projected or pro forma financial statements can show the consequences of choices. True False 6. Sunk costs are costs that have already been spent. True False | 7. The two fundamental ways of earning income in a market-based economy are by selling labor or selling capital. True False 8. The cost of equity is in having to share the benefits from the investment. True False 9. Diversifying sources of income is not to sell both labor and capital. True False 10. There is a special kind of annuity called perpetuity. True False Save Progress Finish Test