Question 1

A cash budget has value only if you use it,review it regularly,and keep careful records of income and expenses.

Accepted Answer

A) True 
 B)False

Question 2

Russ buys his wife a valuable painting for $20,000.He purchases it using $15,000 from his savings and a $5,000 loan.How does this transaction affect Russ's personal balance sheet?

Accepted Answer

A) His assets increase. 
B) His liabilities increase. 
C) His net worth stays the same. 
D) a and b 
E) a, b and c 
A) His assets increase. 
B) His liabilities increase. 
C) His net worth stays the same. 
D) a and b 
E) a, b and c

Question 3

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Your gross income was $32,000; your net income was $25,000; you saved $1,000.Your savings ratio was [3% | 4%].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 4

On the personal balance sheet,a mortgage loan is recorded as the

Accepted Answer

A) interest only. 
B) sum of interest paid and the outstanding balance. 
C) sum of interest due and the outstanding balance. 
D) principal portion only. 
E) none of the above. 
A) interest only. 
B) sum of interest paid and the outstanding balance. 
C) sum of interest due and the outstanding balance. 
D) principal portion only. 
E) none of the above.

Question 5

Budgeting and record keeping are really the same activity.

Accepted Answer

A) True 
 B)False

Question 6

The income and expense statement is specific to

Accepted Answer

A) one point in time. 
B) a specific period of time. 
C) last year. 
D) next year. 
E) none of these. 
A) one point in time. 
B) a specific period of time. 
C) last year. 
D) next year. 
E) none of these.

A cash budget has value only if you use it,review it regularly,and keep careful records of income and expenses.

Russ buys his wife a valuable painting for $20,000.He purchases it using $15,000 from his savings and a $5,000 loan.How does this transaction affect Russ's personal balance sheet?

On the personal balance sheet,a mortgage loan is recorded as the

Budgeting and record keeping are really the same activity.

The income and expense statement is specific to

Understanding the Financial Planning Process

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

Exam 2: Using Financial Statements and Budgets

A cash budget has value only if you use it,review it regularly,and keep careful records of income and expenses.

Russ buys his wife a valuable painting for $20,000.He purchases it using $15,000 from his savings and a $5,000 loan.How does this transaction affect Russ's personal balance sheet?

On the personal balance sheet,a mortgage loan is recorded as the

Budgeting and record keeping are really the same activity.

The income and expense statement is specific to

Understanding the Financial Planning Process

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters