Bob is creating a Statement of Financial Position. Which should he NOT list as an asset?

money in paycheck he will receive next week

Which of the following statements is NOT TRUE about spending plans?

includes items NOT usually included when creating a budget

When is your spending plan complete?

spending plans are always under revision and never complete

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2.03, 2.04, 2.05 Personal Finance Review,Financial Statement, Income and Expense Spending Plans

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Personal Finance Statements

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Questions 10

Answers

1
To increase his net worth Jackson could:
increase his market value
increase his assets
decrease his assets
increase his liabilities
2
With the money management tools the Income & Expense statement answers the time frame of when?
Past
Today
Future
3
If expenses exceed income on a spending plan, what would be a financially smart solution?
decrease expenses
earn less income
use a credit card more often
increase purchases
4
Which of the following would most likely be considered a contractual expense?
entertainment
cell phone
clothing
food
5
Which one below best fits into the category of non-contractual expenses on a spending plan?
gas, food, entertainment
motorcycle payment, food, cell phone bill
cell phone bill, gas, car payment
internet bill, entertainment, clothing
6
Bob is creating a Statement of Financial Position. Which should he NOT list as an asset?
market value of his car
money in paycheck he will receive next week
his hockey equipment
money in checking acct
7
Which of the following statements is NOT TRUE about spending plans?
spending plans are used to record planned income
spending plans are used to record planned expenses
it is recommended you examine trade-offs & opportunity costs
includes items NOT usually included when creating a budget
8
When is your spending plan complete?
spending plans are always under revision and never complete
when you have all your current income and expenses recorded
when you have allocated all your income for the month
spending plans are complete each Dec 31st as the yr ends
9
To calculate her net worth Jordan should use the following formula:
Assets x liabilities=net worth
Assets + liabilities=net worth
Assets-liabilities=net worth
Assets/liabilities=net worth
10
Jo is writing down liabilities for his Statement of Financial Position, what should he include
the market value of his car
the value of his retirement account
the balance on his credit card
the combined total of savings and checking accounts

2.03, 2.04, 2.05 Personal Finance Review,Financial Statement, Income and Expense Spending Plans Flashcards | StudBud