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FA Quiz 2.3 - 2.4

Last updated over 3 years ago

15 questions

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Question 11

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.

Question 12

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.

Question 13

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

Question 14

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

Question 15

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

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Question 10

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