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Statement of Financial Position Flashcards | StudBud

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Statement of Financial Position

10 terms·StudBud Administration·48 plays

Balance Sheet Review

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Questions 10

Answers

1
To determine net worth the equation is
Liabilities - Income
Assets - Liabilities
Assets + LIabilities
Income + Assets
2
There are 4 parts to a statement of financial position
True
False
3
An example of a liability is
McDonald's
Gas for Car
Credit Card Payment
Credit Card Balance
4
This is an example of a(n) _________ asset
Investment
Personal
Monetary
Tangible
5
An example of an expense is
Credit Card Balance
Credit Card Payment
Car Loan
Mortgage
6
This is an example of a(n) __________ asset
Persona
Investment
Monetary
Tangible
7
The correct parts of a statement of financial position are:
Income
Assets, Net worth and Liabilities
Assets and Income
Net Worth and Net Gain
8
To improve one's net worth a person should
Decrease Assets
Decrease Assets & Increase Liabilities
Increase Assets & Decrease Liabilities
Increase Assets & Increase Income
9
The purpose of this money management tool is to
Look at past spending
Plan future spending
Reach financial goals
10
This is an example of a(n) _________ asset
Monetary
Personal
Tangible
Investment