Financial Planning 1
Financial Planning 2
Financial Statements 1
Financial Statements 2
Mixed Questions
100
Definition of Financial Planning
What is A process of tracking and anticipating income and expenditures
100
The amount of additional money needed when expenses are greater than income
What is net loss
100
What are the 3 assets of a Balance Sheet?
What is assets, liabilities, and net worth.
100
This is also known as a budget or a financial plan.
What is Spending plan
100
If you owe $200 in bills what should this be shown as?
What is liability
200
Another name for income and expense statement
What is Cash Flow
200
Having a large amount of money or property
What is wealth
200
Definition for Financial Statements
What is A document or tool that shows personal financial information/data
200
This is also known as cash flow statement.
What is an income and expense statement
200
A workers balance sheet says that the difference between her assets and liabilities was $5,000. This is the amount of her
What is net-worth
300
Being able to pay all expenses with available income
What is living within one’s means
300
Occurring in a cycle, with steps repeated in sequence over and over
What is cyclical
300
The purpose of a Balance Sheet.
What is needing to know financial status in order to plan finances
300
This is used to evaluate spending at the end of a time period.
What is Spending plan
300
A salesman ran out of cash before getting paid for each of the past three pay periods. In order to take a closer look at his recent monthly earnings and spending. He needs to prepare an
What is income and expense statement
400
At the end of the time period you should...
revise financial goals
400
Something that is ongoing, without ending
What is continual
400
If you owe someone $230, this will be listed on your balance sheet as
What is a liability
400
This is used to track income and expenditures
What is Spending Plan
400
A part-time worker has just finished listing her financial goals and wants to determine her net worth. She can determine her net-worth by preparing and organizing a
What is a balance sheet
500
Give one benefit of financial planning
What is any of the following statements: Learn to live within one’s means Helps avoid financial difficulties Have resources for one’s desired standard of living Reduces the need to use credit Increases sense of security Lessens anxiety about money matters Stay in control of finances Become financially independent
500
A specific aim to be accomplished with the use of financial planning
What is financial goal
500
If you have $268 on your savings account. This will be listed on his balance sheet as
What is an Asset
500
Time orientation of Income and expense statement.
What is the Past - a historical record of what was earned and spent
500
After a family member prepared an income and expense statement, he found a way to plan his budget so he would not have to borrow money. Which direct benefit of financial planning does this illustrate?
What is Being financially independant
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