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Statement of Financial Position Quiz #1 Flashcards | StudBud
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Statement of Financial Position Quiz #1
Statement of Financial Position Quiz #1
20 terms
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StudBud Administration
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#FAMB2 #Balance Sheet Review #Statement of Financial Position
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
Dinner at Chipotle is
an expense
a liability
2
An expense is
money gained
money spent
debt
3
Credit card payment is a(n)
Expense
Liability
4
The correct parts of a statement of financial position are:
Asset
Net Worth
Income
Liabilities
5
A liability is
money spent
money gained
debt
6
There are 4 parts to a statement of financial position
True
False
I Don't Know
Maybe
7
An asset that is purchased to make money in the future is a(n)
Tangible Asset
Investment Asset
Monetary Asset
8
To improve one's net worth a person should
Increase Assets & Increase Income
Decrease Assets & Increase Liabilities
Increase Assets & Decrease Liabilities
Decrease Assets
9
An example of an expense is
Mortgage
Car Loan
Credit Card Balance
Credit Card Payment
10
This is an example of a(n) __________ asset
Tangible
Monetary
Persona
Investment
11
An asset that is cash or like cash is a(n)
Tangible Asset
Monetary Asset
Investment Asset
12
This is an example of a(n) _________ asset
Investment
Monetary
Personal
Tangible
13
Student loan balance is a(n)
liability
expense
14
An asset that is used daily is a(n)
Tangible Asset
Investment Asset
Monetary Asset
15
An example of a liability is
Credit Card Payment
Gas for Car
McDonald's
Credit Card Balance
16
The purpose of this money management tool is to
Look at past spending
Reach financial goals
Plan future spending
17
How often should a person determine their net worth?
At least once a week
At least once a year
At least once a month
18
This is an example of a(n) _________ asset
Investment
Monetary
Personal
Tangible
19
To determine net worth the equation is
Income + Assets
Liabilities - Income
Assets + LIabilities
Assets - Liabilities
20
Credit Card balance is a(n)
Expense
Liability
Neither
