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