Chap 2 quiz
True
A personal balance sheet reports the financial position of a person or family on a given date
B
A personal cash flow statement presents A. Amounts earned from savings B. Income and payments C. Assets and liabilities D. Amounts owed to others
A
A_________ Is a specific plan for spending A. Budget B. Balance sheet C. Income statement D. Bank statement
False
Most financial records should be kept in a safe-deposit box
True
A budget deficit exists when actual spending exceeds projected spending
C
An example of liquid asset would be A. Home B. An automobile C. A checking account D. Retirement account
False
Assets represent amounts owed to others that must be paid within the next year
B
Definite financial obligations are referred to as A. Variable expenses B. Fixed expenses C. Equity D. Investment assets
True
Spending less than you income will increase net worth
D
______ represents amount owed to others A. Current assets B. Expenses C. Mutual funds D. Liabilities