Exam 3: Money Management Strategy: Financial Statements and Budgeting

Katherine Kocher has determined the following information about her own financial situation.Her checking account is worth $850 and her savings account is worth $1,200.She owns her own home that has a market value of $98,000.She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300.She has a car worth $12,500.She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550.What is the value of her liquid assets?

A personal balance sheet reports your income and expenses.

Which one of the following illustrates an insolvent situation?

This month,Ken Grossman has cash inflows of $3,100 and cash outflows of $2,950,resulting in a:

Discretionary income is:

Current liabilities differ from long-term liabilities based on:

An example of a liquid asset is:

During the past month,Jennifer Ernet had income of $3,000.During the month,her net worth declined by $200.If no other financial activities occurred,this means Jennifer's payments for the month were:

An organized system of financial records provides a basis for:

In terms of money management decisions,an example of an opportunity cost includes:

Katherine Kocher has determined the following information about her own financial situation.Her checking account is worth $850 and her savings account is worth $1,200.She owns her own home that has a market value of $98,000.She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300.She has a car worth $12,500.She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550.What is the total value of her assets?

Financial goals should take a SMART approach with goals that are:

Jennifer Rodrick uses a computer to help her record her spending each month.She updates her records weekly.This activity would be an example of:

Samuel Jackson has developed a budget that he follows each month.This is a budget that he keeps in his head.He does not write anything down,nor does he use a computer to keep track of this budget.What type of budget has Samuel created?

An investment account that increases from $3,000 to $3,271 in one year is earning approximately ___ percent annual interest.

A family with $45,000 in assets and $22,000 of liabilities would have a net worth of:

Katherine Kocher has determined the following information about her own financial situation.Her checking account is worth $850 and her savings account is worth $1,200.She owns her own home that has a market value of $98,000.She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300.She has a car worth $12,500.She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550.What is the value of her personal possessions?

A decrease in net worth could be the result of:

Discretionary income is money left over after paying for housing,food,and other necessities.

Which one of the following is the best example of a long-term goal for a married couple with no children?