Personal finance ch3

A family with $45000 in assets and $22000 in liabilities would have a net worth of

23200

An investment account that increase from $3000 to $3271 in one year is earning about

9%

Which of the following would be considered a long-term liability

A mortgage

Warranties are commonly associated with ---- purcases

Consumer

Patricia McDonald has determined that the value of her liquid assets is 4500. The value of her personal possessions is 62000 and the value of her investment assets is 73000. She has liabilities is 7500 and the value of her long term liabilities is 98000. What is Jamie's net worth?

162000

Which of the following presents a summary of income and outflows for a period of time.

A cash flow statement

Which of the following payments would be considered a variable expense

A telephone bill

Cash and items that you own with a monetary with are referred to as

Assets

To determine a persons solvency, which financial document should be consulted

Balance sheet

The difference between the amount budget yes and the actual amount received or spent is called

Budget variance

Which of the following would most likely be stored in a safe-deposit box

Collectibles such as rare coins

A cash flow statement reports a person or fsmily's

Current income and payments

Liabilities are amounts tepresenting

Debts

In the budgeting process, which of the following is budgeted first

Emergency fund and savkngs

Payments that do not vary from month to month are ---- ezpenses

Fixed

An individual retirement account is an example of a ----- asset

Investment

A personal balance sheet presents

Items owned and amounts owed

A home file should be used to

Keep financial records for current needs and documents with limited value

Which of the following situations is a person who could be insolvent

Liabilities 45000; assets 6000

A common deduction from a persons paycheck is for

Taxes