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Statement of Financial Position Flashcards | StudBud
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Statement of Financial Position
Statement of Financial Position
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Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
How can you increase your net worth?
Increase assets or decrease liabilities
Decrease assets
Increase liabilities
You can't
2
A statement of financial position is...
None of the above
How I have managed my money in the PAST
What my FUTURE money management plan is
What my financial position is TODAY
3
What kind of asset is purchased hoping that they will generate income and appreciate in value.
Liability
Tangible
Monetary
Investment
4
What is a debt or obligation owed to others?
Tangilbe asset
Liability
Investment Asset
Net worth
5
What is everthing a person owns with monetary value?
Statement of Financial Position
Liability
Net worth
Asset
6
What kind of asset is personal property purchased to improve your lifestyle?
Investment
Tangible
Liability
Monetary
7
How often is it recommended to create a Statement of Financial Position?
Three times per year
Twice per year
Once per year
Four times per year
8
What describes your financial condition on a certain day?
Assets
Liability
Net worth
Statement of Financial Position
9
Which asset can quickly and easily be converted into cash?
Tangible
Investment
Monetary
Liability
10
What is the measure of financial wealth?
Net Worth
Investments
Liabilities
Assets
