PF - 2.03 Statement Of Financial Position: Question Preview (ID: 30077)


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Net worth is a measure of your what?
a) Income b) Wealth c) Past income and expenses d) Future Spending Plans
What is the formula for Net Worth?
a) Total Assets / Total Liabilities b) Total Assets + Total Liabilities c) Total Assets - Total liabilities d) Total Liabilities - Total Assets
Does having a high income indicate that you have a high net worth?
a) No, a person can have a high income and have a low net worth b) Yes, having a high income always indicates you have a high net worth c) No, having a high income always indicates that you have a low net worth d) Yes, your wealth is equal to your income
The purpose of this is to show the financial condition of a person or family on a specified date, made up of assets, liabilities, and net worth.
a) Income and Expense Statement b) Spending Plan c) Statement of Financial Position d) Budget
What is a Statement of Financial Position also sometime called?
a) Income and Expense Statement b) Statement of Net Worth or Balance Sheet c) Budget d) Spending Plan
What are the 3 main components of a Statement of financial position?
a) Income, Expenses, Net gain/loss b) Assets, Liabilities, Net gain/loss c) Income, Assets, and Liabilities d) Assets, Liabilities, Net Worth
Everything that a person owns that has a monetary value is referred to as this.
a) Asset b) Liabilities c) Net worth d) Expenses
This is a debt or obligation owed to others.
a) Asset b) Liability c) Net Worth d) Expense
Balance on a credit card would be placed in this section of a statement of financial position.
a) Monetary Asset b) Tangible Asset c) Investment Asset d) Liabilities
Money in a checking account would be placed in this section of a statement of financial position.
a) Monetary Asset b) Tangible Asset c) Investment d) Liability
Money in a 401 K or an IRA would be placed in this section of a statement of financial position.
a) Monetary Asset b) Tangible Asset c) Investment Asset d) Liability
Car loan would be placed in this section of a statement of financial position.
a) Monetary Asset b) Tangible Asset c) Investment Asset d) Liability
You took out a home mortgage for 15 years and you still owe 30,000 but the bank has told you if you paid if off today you could do it for 24,000 because you would avoid the future interest payments. What amount would you record under the liability s
a) 30,000 b) 6,000 c) 24,000 d) 54,000
Where would things such as bills paid on a regular basis such as gas, power, or rent go on your statement of financial position?
a) Monetary Assets b) Tangible Assets c) Liabilities d) They do not belong on the statement of financial position...they are “Expenses” NOT Liabilities
How can you increase your Net Worth?
a) You have no control over your Net Worth b) Decrease Assets or Decrease Expenses c) Decrease Assets or Increase Liabilities d) Increase Assets or Decrease Liabilities
How often should you create a Statement of Financial Position?
a) Once a year or during special times when making big decisions about assets and liabilities b) Every month c) When you are getting married d) Never, it is not necessary
What does liquidity refer to?
a) How easily it is to melt down an asset into liquid b) How easy it is to pay off a liability c) How easily you can convert an asset into cash in your hand d) How quickly you can purchase an asset
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