2 Chapter

Current liabilities are debts that must be payed in a short time, usually under 1 year.

A personal balance sheet reports:

When creating a personal balance sheet, which of the following is a current liability?

Which of the following indicates that liquid assets are available to pay current liabilities?

A budget is a record of how a person or family has spent their money

Which financial doc would most likely be stored in safe fireproof spot?

Brokerage statements are an example of a(n) __ record

An example of a fixed expense is:

Financial experts recommend a debt/payment ratio of less than __ take home pay.

Which of the following situations describes a person who could be insolvent?

Discretionary Income Equals?

Debt ratio of 0.5 indicates:

Money management refers to annual financial activities necessary to manage personal economics.

Which are two personal financial statements you create yourself?

Copies of tax returns and supporting data should be saved for 10 years.

Which of the following is a liquid asset?

All of the following are ways households can increase their net worth except

Main purpose(s) of personal financial statements are to:

The equation to calculate net worth is?

Which of the following is a cash inflow?