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 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550.What is the value of her investment assets?

What types of financial records and documents should be kept in a safe deposit box?

Liquid assets refer to:

To determine a person's solvency,which financial document should be consulted?

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

Sean Carter needs to store monthly statements from his bank,his credit card company and from his savings and loan.Where is the most appropriate place for Sean to store this information?

For January,Bethany DeWeese had cash inflows of $4,200 and cash outflows of $4,750,resulting in a

Jamie McFarland has determined that the value of her liquid assets is $4,500,the value of her real estate is $108,000,the value of her personal possessions is $62,000 and the value of her investment assets is $73,000.She has also determined the value of her current liabilities is $9,500 and the value of her long term liabilities is $68,000.What is Jamie's net worth?

Changes in the cost of living are:

A budget is a specific plan of how a person or family will spend their money.

Which of the following would be an example of a personal and employment document?

When one money management decision is made,an alternative must be given up.

Furniture,jewelry,and an automobile are examples of liquid assets.

Liabilities are amounts representing:

A budget deficit would result when a person's or family's:

Patricia McDonald 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 and owes $7,800 on her auto loan.She has also purchased some stock worth $5,500 and she has a retirement account worth $38,550.What is the total value of her assets?

A personal balance sheet reports your income and expenses.

Current liabilities differ from long-term liabilities based on:

Which of the following would be considered a long-term liability?

A person's net worth would increase as a result of: