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FA Quiz 2.3 - 2.4

Last updated almost 4 years ago

15 Nsɛmmisa

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Asemmisa {{asɛmmisaAhyɛnsode}}

11.

Amanda and Marcus just finished their Income and Expense Statement for last month and discovered that they have a net loss. What does this mean?

Amanda and Marcus are earning more money than they are spending.

Amanda and Marcus are spending more money than they are earning.

Asemmisa {{asɛmmisaAhyɛnsode}}

12.

John is writing down his expenses to complete his Income and Expense Statement. Which of these items should he include?

The combined total of his savings and checking accounts

His conribution to his retirement account

The market value of his car

The balance on his morgage.

Asemmisa {{asɛmmisaAhyɛnsode}}

13.

If expenses were to exceed income on an Income and Expense Statement, what would be a financially smart solution?

Increase expenses

Use a credit card more often

Earn more income

Increase purchases

Asemmisa {{asɛmmisaAhyɛnsode}}

14.

Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he NOT list as an asset?

Money in his checking account

His hockey equipment

The market value of his car

Money in the paycheck he will receive next week

Asemmisa {{asɛmmisaAhyɛnsode}}

15.

To calculate net worth use the following formula:

Assets + Income = Net worth

Income + Liabilites = Net worth

Assets – Liabilities = Net worth

Income - Expenses = Net worth

Asemmisa {{asɛmmisaAhyɛnsode}}

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