Exam 2: Money Management Strategy: Financial Statements and Budgeting

Buying on credit results in payments later and a reduction in the amount of future income available for spending is an example of a(n):

A five-year non-redeemable GIC is classified as a(n) _______________ asset on the personal balance sheet.

A person's net worth is the difference between the value of the items owned and the amounts owed to others.

Jennifer, a recent Concordia graduate, is struggling to pay off her $15,000 student loan.She has found employment with an international firm.Jennifer manages to balance her cash flows, but has only $500 in a chequing account to pay incoming bills.Her monthly after-tax cash inflows and expenses equal $2,000.What should be Jennifer's number one financial goal?

An organized system of financial records provides a basis for:

____________ is the recommended budgeting strategy for dual income households where the two partners have trust and shared values and goals?

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

An organized system of financial records provides a basis for:

A person's net worth would decrease as a result of

The currentfinancial position of an individual or family is best presented with the use of a(n)

Given the following, what is the individual's net worth?

A family with $110,000 in assets and $49,000 of liabilities would have a net worth of:

To calculate your net worth, you need to know your:

Which of the following financial documents would most likely be stored in a safety deposit box?

A person with $80,000in assets and $122,000 of liabilities would have a net worth of:

Liquid assets refer to

If expenses for a month are greater than income, an increase in net worth will result.

If budgeted spending is less than actual spending, this is referred to as a deficit.

Which of the following are considered to be personal financial statements?

A person's lifestyle is a reflection of his or her values, goals, career, and family situation.