Question 1

Checking account statements provide a source of information for the value of​

Accepted Answer

A)  ​assets. 
B)  ​liabilities. 
C)  ​investments. 
D)  ​expenditures. 
A)  ​assets. 
B)  ​liabilities. 
C)  ​investments. 
D)  ​expenditures.

Question 2

Assets on the balance sheet are valued at their​

Accepted Answer

A)  ​fair market value. 
B)  ​original purchase price. 
C)  ​replacement cost. 
D)  ​sentimental value. 
A)  ​fair market value. 
B)  ​original purchase price. 
C)  ​replacement cost. 
D)  ​sentimental value.

Question 3

Janice Leno has the following assets and debts listed on her balance sheet:
​
 
​
Janice's asset-to-debt ratio is​
​

Accepted Answer

A)  ​3.45 
B)  ​2.54 
C)  ​3.96 
D)  ​0.29 
A)  ​3.45 
B)  ​2.54 
C)  ​3.96 
D)  ​0.29

Question 4

A person who has a negative net worth is technically insolvent.

Accepted Answer

A) True 
 B)False

Question 5

Jerry and Gloria Collins expect the following cash surpluses or deficits the first three months of the year.The rest of the year they expect cash surpluses.
 
​
Their revolving savings fund should be at least
​

Accepted Answer

A)  ​$100. 
B)  ​$200. 
C)  ​$250. 
D)  ​$350. 
A)  ​$100. 
B)  ​$200. 
C)  ​$250. 
D)  ​$350.

Question 6

Which of the following would be included in the category of assets known as monetary assets?​

Accepted Answer

A)  ​Money market accounts 
B)  ​Stocks 
C)  ​Bonds 
D)  ​Real estate 
A)  ​Money market accounts 
B)  ​Stocks 
C)  ​Bonds 
D)  ​Real estate

Question 7

Blaine and Lindsay McDonald have total assets valued at $346,000 and total debt of $168,000.What is Blaine and Lindsay's asset-to-debt ratio?​

Accepted Answer

A)  ​2.06 
B)  ​1.00 
C)  ​0.51 
D)  ​0.49 
A)  ​2.06 
B)  ​1.00 
C)  ​0.51 
D)  ​0.49

Question 8

Reducing the number of bank and credit accounts that each partner brings into the marriage can save money on account fees.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following goals is most clearly stated?​

Accepted Answer

A)  ​Save enough for a down payment on a house in five years 
B)  ​Save $1,000 in one year for a vacation to San Diego 
C)  ​Pay off all credit card balances 
D)  ​Pay cash for a car 
A)  ​Save enough for a down payment on a house in five years 
B)  ​Save $1,000 in one year for a vacation to San Diego 
C)  ​Pay off all credit card balances 
D)  ​Pay cash for a car

Question 10

The liability section of a balance sheet would include money owed to a doctor or a lawyer but would not include money owed to a friend.

Accepted Answer

A) True 
 B)False

Question 11

When budgeting,recordkeeping is the process of recording the sources and amount of dollars earned and spent.

Accepted Answer

A) True 
 B)False

Question 12

A balance sheet describes an individual's financial progress over a period of time,generally a year.

Accepted Answer

A) True 
 B)False

Question 13

The liquidity ratio reveals how many months it would take to convert all assets into cash.

Accepted Answer

A) True 
 B)False

Question 14

The basis for financial planning is (are)​

Accepted Answer

A)  ​a budget. 
B)  ​personal values. 
C)  ​a balance sheet. 
D)  ​goals. 
A)  ​a budget. 
B)  ​personal values. 
C)  ​a balance sheet. 
D)  ​goals.

Question 15

Using credit cards to "balance" your budget is a proper budgeting tool.

Accepted Answer

A) True 
 B)False

Question 16

Roberto and Jessica Suarez have a gross income of $53,000 a year and annual expenses of $51,500 including taxes.Their annual debt payments total $15,000.According to the recommended standards for the debt -to-income ratio,the Saurez's ratio of​

Accepted Answer

A)  ​36 percent and is too high for easily manageable debt repayment. 
B)  ​36 percent implies they have the ability to easily make their debt repayments. 
C)  ​28 percent is much too high for easily manageable debt repayment. 
D)  ​28 percent implies they have the ability to make their debt repayments. 
A)  ​36 percent and is too high for easily manageable debt repayment. 
B)  ​36 percent implies they have the ability to easily make their debt repayments. 
C)  ​28 percent is much too high for easily manageable debt repayment. 
D)  ​28 percent implies they have the ability to make their debt repayments.

Question 17

Tangible assets are assets whose primary purpose is to provide maintenance of a lifestyle.

Accepted Answer

A) True 
 B)False

Question 18

Financial goals​

Accepted Answer

A)  ​should be explicitly stated. 
B)  ​should be consistent with your values. 
C)  ​all of these. 
D)  ​none of these. 
A)  ​should be explicitly stated. 
B)  ​should be consistent with your values. 
C)  ​all of these. 
D)  ​none of these.

Question 19

Financial planning begins by acquiring a good job that provides a person with enough extra income to manage.

Accepted Answer

A) True 
 B)False

Question 20

A debt-to-income ratio of 0.36 or less is considered manageable for most families.

Accepted Answer

A) True 
 B)False

Checking account statements provide a source of information for the value of

Assets on the balance sheet are valued at their

Janice Leno has the following assets and debts listed on her balance sheet: Janice's asset-to-debt ratio is

A person who has a negative net worth is technically insolvent.

Jerry and Gloria Collins expect the following cash surpluses or deficits the first three months of the year.The rest of the year they expect cash surpluses. Their revolving savings fund should be at least

Which of the following would be included in the category of assets known as monetary assets?

Blaine and Lindsay McDonald have total assets valued at $346,000 and total debt of $168,000.What is Blaine and Lindsay's asset-to-debt ratio?

Reducing the number of bank and credit accounts that each partner brings into the marriage can save money on account fees.

Which of the following goals is most clearly stated?

The liability section of a balance sheet would include money owed to a doctor or a lawyer but would not include money owed to a friend.

When budgeting,recordkeeping is the process of recording the sources and amount of dollars earned and spent.

A balance sheet describes an individual's financial progress over a period of time,generally a year.

The liquidity ratio reveals how many months it would take to convert all assets into cash.

The basis for financial planning is (are)

Using credit cards to "balance" your budget is a proper budgeting tool.

Roberto and Jessica Suarez have a gross income of $53,000 a year and annual expenses of $51,500 including taxes.Their annual debt payments total $15,000.According to the recommended standards for the debt -to-income ratio,the Saurez's ratio of

Tangible assets are assets whose primary purpose is to provide maintenance of a lifestyle.

Financial goals

Financial planning begins by acquiring a good job that provides a person with enough extra income to manage.

A debt-to-income ratio of 0.36 or less is considered manageable for most families.

Understanding Personal Finance

Career Planning

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Investing Through Mutual Funds

Real Estate and High-Risk Investments

Retirement Planning

Filters

Exam 3: Financial Statements,tools,and Budgets

Checking account statements provide a source of information for the value of​

Assets on the balance sheet are valued at their​

Janice Leno has the following assets and debts listed on her balance sheet: ​ ​ Janice's asset-to-debt ratio is​ ​

A person who has a negative net worth is technically insolvent.

Jerry and Gloria Collins expect the following cash surpluses or deficits the first three months of the year.The rest of the year they expect cash surpluses. ​ Their revolving savings fund should be at least ​

Which of the following would be included in the category of assets known as monetary assets?​

Blaine and Lindsay McDonald have total assets valued at $346,000 and total debt of $168,000.What is Blaine and Lindsay's asset-to-debt ratio?​

Reducing the number of bank and credit accounts that each partner brings into the marriage can save money on account fees.

Which of the following goals is most clearly stated?​

The liability section of a balance sheet would include money owed to a doctor or a lawyer but would not include money owed to a friend.

When budgeting,recordkeeping is the process of recording the sources and amount of dollars earned and spent.

A balance sheet describes an individual's financial progress over a period of time,generally a year.

The liquidity ratio reveals how many months it would take to convert all assets into cash.

The basis for financial planning is (are)​

Using credit cards to "balance" your budget is a proper budgeting tool.

Roberto and Jessica Suarez have a gross income of $53,000 a year and annual expenses of $51,500 including taxes.Their annual debt payments total $15,000.According to the recommended standards for the debt -to-income ratio,the Saurez's ratio of​

Tangible assets are assets whose primary purpose is to provide maintenance of a lifestyle.

Financial goals​

Financial planning begins by acquiring a good job that provides a person with enough extra income to manage.

A debt-to-income ratio of 0.36 or less is considered manageable for most families.

Understanding Personal Finance

Career Planning

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Investing Through Mutual Funds

Real Estate and High-Risk Investments

Retirement Planning

Filters

Checking account statements provide a source of information for the value of

Assets on the balance sheet are valued at their

Janice Leno has the following assets and debts listed on her balance sheet: Janice's asset-to-debt ratio is

Jerry and Gloria Collins expect the following cash surpluses or deficits the first three months of the year.The rest of the year they expect cash surpluses. Their revolving savings fund should be at least

Which of the following would be included in the category of assets known as monetary assets?

Blaine and Lindsay McDonald have total assets valued at $346,000 and total debt of $168,000.What is Blaine and Lindsay's asset-to-debt ratio?

Which of the following goals is most clearly stated?

The basis for financial planning is (are)

Roberto and Jessica Suarez have a gross income of $53,000 a year and annual expenses of $51,500 including taxes.Their annual debt payments total $15,000.According to the recommended standards for the debt -to-income ratio,the Saurez's ratio of

Financial goals