Personal Finance Study Set 1

Business

Quiz 2 :

Measuring Your Financial Health and Making a Plan

Quiz 2 :

Measuring Your Financial Health and Making a Plan

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Insolvency results from earning more than you spend.
Free
True False
Answer:

Answer:

False

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In some cases insolvency can lead to bankruptcy.
Free
True False
Answer:

Answer:

True

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Net income is used in calculating one's net worth.
Free
True False
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Answer:

False

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To calculate your net worth,subtract your total debt from your total assets.
True False
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According to the Keown book,the median net worth for American families in which the head of the household is less than 35 years old is below $10,000.
True False
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A vehicle leased in your name is an example of a tangible asset that you would list on your balance sheet.
True False
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The house that you are leasing from a landlord is an example of a tangible asset that you would list on your balance sheet.
True False
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The term "fair market value" refers to how the price of an asset has changed since its original purchase.
True False
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Current liabilities are those that can typically be paid off in full within 12 months.
True False
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To determine your net worth,subtract your liabilities from your positive net equity.
True False
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Before you can hope to achieve your financial goals,you will need to first measure your current financial health and develop a plan and a budget.
True False
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Planning and budgeting requires
Multiple Choice
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The first section of a balance sheet represents your
Multiple Choice
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When measuring your current financial health it is important to create
Multiple Choice
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Assets that you purchase for the purpose of accumulating wealth to satisfy your financial goals are called
Multiple Choice
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Liabilities are best described as
Multiple Choice
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________ can be more than or less than the price you paid for a given asset,depending on what others are willing to pay for that asset today.
Multiple Choice
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Your ________include cash,checking and savings account balances,and money market funds.
Multiple Choice
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The term "fair market value" refers to
Multiple Choice
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The common thread among investment assets is that
Multiple Choice
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