Exam 2: Planning With Personal Financial Statements

Indicate whether the following are liquid assets or household assets by placing an L or H beside them. ________ Car ________ Home ________ Checking account ________ Furniture ________ Cash ________ Savings account

Which of the following would increase your liquid assets?

If Jo Ann has $4,000 in liquid assets and $1,000 in current liabilities,her liquidity ratio is

If your cash outflows are $600 and your cash inflows are $1,000,you can increase your net worth by

Use the following two columns of items to answer the matching questions below: -net cash flows

Cash flow can be increased by all of the following except

A personal balance sheet summarizes

Debts that are to be paid off within a year are called

In budgeting,it is useful to compare ________ with the budgeted amounts to determine the accuracy or error of the budget and adjust it as necessary.

List three components of your personal balance sheet and two components of your income statement.

If you do not budget for unexpected expenses in a given month,you will likely experience a(n)

Jim has $1,000 income from his job and $200 stock dividend income this month.This month Jim has rent and utilities of $300 and he spent $300 on groceries and $200 on clothing.What is his cash inflow this month?

A document that shows your cash inflows and cash outflows is called a(n)________.

Balance sheet assets should be valued at

The current financial position of an individual or family is best presented with the use of a

Which of the following is not considered an asset for a family?

Which factor does not affect a household's cash inflows?

Lucky Louie just inherited $50,000 from his great aunt,has $1,500 in his checking account,owns a car with a value of $8,000,and has $20,000 in his 401(k)at work.Louie owes $6,000 on his car,$12,000 on school loans and $3,000 on his credit card.What is Louie's net worth?

Which of the following is not a cash outflow?

Long-term liabilities are debts that will be paid at least three years into the future.