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Statement of Financial Position Flashcards | StudBud
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Statement of Financial Position
Statement of Financial Position
20 terms
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Balance Sheet Review
Flashcards
20 cards
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Questions
20
Answers
1
How often should a person determine their net worth?
At least once a year
At least once a month
At least once a week
2
The purpose of this money management tool is to
Plan future spending
Reach financial goals
Look at past spending
3
Credit card payment is a(n)
Liability
Expense
4
Dinner at Chipotle is
an expense
a liability
5
A liability is
money spent
debt
money gained
6
To improve one's net worth a person should
Increase Assets & Decrease Liabilities
Decrease Assets & Increase Liabilities
Increase Assets & Increase Income
Decrease Assets
7
An expense is
debt
money spent
money gained
8
Student loan balance is a(n)
expense
liability
9
To determine net worth the equation is
Liabilities - Income
Assets + LIabilities
Income + Assets
Assets - Liabilities
10
An example of an expense is
Credit Card Payment
Credit Card Balance
Mortgage
Car Loan
11
This is an example of a(n) _________ asset
Tangible
Personal
Monetary
Investment
12
This is an example of a(n) __________ asset
Investment
Persona
Tangible
Monetary
13
An example of a liability is
Gas for Car
Credit Card Balance
McDonald's
Credit Card Payment
14
There are 4 parts to a statement of financial position
True
False
15
Credit Card balance is a(n)
Expense
Neither
Liability
16
An asset that is cash or like cash is a(n)
Investment Asset
Tangible Asset
Monetary Asset
17
An asset that is used daily is a(n)
Tangible Asset
Investment Asset
Monetary Asset
18
The correct parts of a statement of financial position are:
Income
Asset
Liabilities
Net Worth
19
An asset that is purchased to make money in the future is a(n)
Investment Asset
Monetary Asset
Tangible Asset
20
This is an example of a(n) _________ asset
Monetary
Tangible
Personal
Investment
