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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Answers

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

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