unit 2.03, 2.04 and 2.05 test personal finance

Use the following financial information about Michael and calculate answers for 35-38 below income $62484 expenses $43724 assets $55676 liabailities $39938 what is michael's net worth ?

$15738

Use the following financial information about Michael and calculate answers for 35-38 below income $62484 expenses $43724 assets $55676 liabailities $39938 what is his net income?

$18760 net income

what is the net worth formula?

Assets - Liabilities=net worth

scott wants a new smart phone he will have negative number on his spending plan this month if he buys he decided to use his old phone for a few more months to save money which of the following influenced his decision?

analysis of trade offs to maximize financial well being

nate has a used truck and researches its value on kelly blue book he finds it is worth $10000?

asset

which is a typical activity of pre- retirement adult?

at the age of sixty bob and cathy decide to purchase a smaller home

amy spend $98000 in expenses last year and had income of $109000 which is her net income/net loss amount?

cannot calculate with info provided

classify rob's monthly dish network fee?

contractual expenses

If expenses were to exceed income on a spending plan, what would be a financially smart solution?

decrease expenses

classify as asset, expense, income or liability: power bill for month of september?

expense

diana wants to develop a spending plan to help gain control over her finances which of the following is not true about spending plans?

includes items not included in budget plan

classify $10000 sam earned in commissions?

income

Use the following financial information about Michael and calculate answers for 35-38 below income $62484 expenses $43724 assets $55676 liabailities $39938 on which statement will net income? be found

income and expense statement

tom can find the income and expenses of his family the end of year on which type of financial statement?

income statement

jackson is trying to increase his net worth what could he do?

increase his asset value by maintaining his home's exterior himself

classify disney stock bought by grandparents for Gina's 5th birthday?

investment asset

classify as asset expense income or liability $10000 due in federal income taxes?

liability

classify the $12000 loan mark has on a car

liability

tom signed a contract for a $75000 mortgage classify it?

liability

Maggie earns $62,000 per year and has a net worth of $20,000. Sam earns $96,000 and has a net worth of $15,000. Who is wealthier?

maggie becuase her net worth is higher than sam's

matin's smart goal by not eating out i will save enough money by march 1 to go with friends to daytona beach for spring break is missing what essential element?

measureable

When is a spending plan complete?

never revisions are constant

which is a typical activity of parenting adult?

noland and nancy went to the elementary school to hear their children sing

which of the following could hanna do to increase her net worth

pay off her card bill

according to dave ramsey what is one way to keep from overspending on the food category?

set up an envelope system and only spend the amount in the envelope

cate spend $2300 paying various bills last month and earned $2050 from her job what can be determined from this info?

she has a net loss

Amanda created an income and expense statement for last month it show a net gain what does this mean and what should she do?

she is earning more money than she is spending she can pay off some debt or put extra money in savings

in january of each year sam project his income and expenses for the next year what type of financial report is he preparing?

spending plan

Use the following financial information about Michael and calculate answers for 35-38 below income $62484 expenses $43724 assets $55676 liabailities $39938 on which statement will net worth be found?

statement of financial position

classify mona's toyota corolla?

tangible asset

Andy is developing an Income and Expense Statement. He has gathered all his receipts, bank statements, paycheck stubs, and spending records. He needs to categorize them into income and expenses. Which should be recorded as expenses?

taxes deducted from his paycheck money saved from his pay check for emergencies car insurance premium

erin is creating an income and expense statement to use as she is applying for collage scholarships. which income source does she not need to include from this statement ?

taxes she paid when she filed her 1040 tax return last year

Jonah is writing down his liabilities to complete his Statement of Financial Position. which of these items should he include?

the balance on his credit card

when is your spending plan finished?

they are never complete but always being revised

mitch a high school senior is developing a spending plan what should he do first?

track current income and expenses if he has already created an income and expense statement then he has completed this step

raymond age 78 contacted his attorney to change his will since his wife recently died which stage of the financial life cycle does this illustrate?

wealth distrubution