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Personal Finance: Measuring Your Financial Health and Making a Plan
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Personal Finance: Measuring Your Financial Health and Making a Plan
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25 Questions

1. Patty has $9,000 in monetary assets, annual living expenses of $36,000, a $12,000 car loan balance, and $45,000 in equity in her house- What is her month's living expenses covered ratio?
2. Which of the following would you calculate if you were concerned about your financial resources with regards to unplanned money emergencies?
3. Which of the following are not typically found on a balance sheet?
4. Suppose that Cathy's assets include an automobile worth $10,000 and a checking account with a $5,000 balance, while her liabilities include a student loan balance of $2,000 and a car loan balance of $8,000- What is her net worth?
5. An expenditure over which you have control and are not obligated to make, and which may vary from month to month is called a ________ expenditure.
6. When measuring your current financial health it is important to create
7. A plan for controlling and forecasting your cash inflows and cash outflows is called a(n)
8. Which of the following is the best type of record-keeping system to use in maintaining financial records?
9. Liabilities are best described as
10. To calculate your net worth, subtract your total debt from your total assets.
11. If your liabilities are greater than the value of your assets you are considered
12. Your ________ is found by dividing monetary assets by current liabilities and is a good measure of liquidity.
13. An emergency fund consists of liquid assets that are sufficient to cover ________ of expenditures.
14. The term 'fair market value' refers to how the price of an asset has changed since its original purchase.
15. Which of the following might be found on an income statement?
16. Before you can hope to achieve your financial goals, you will need to first measure your current financial health and develop a plan and a budget.
17. Henry currently has $1250 in monetary assets and also has $1250 in current liabilities- What is his current ratio?
18. Assets that you purchase for the purpose of accumulating wealth to satisfy your financial goals are called
19. ________ can be more than or less than the price you paid for a given asset, depending on what others are willing to pay for that asset today.
20. ________ planners charge a fee that is reduced by the amount of the commissions they earn.
21. Which financial planning document should you use to measure your current financial condition?
22. Under what conditions should people hire a professional financial planner?
23. Using financial ratios helps you quickly compare and analyze the raw data found in your personal income statement and balance sheet.
24. How would an income statement help you create a financial plan?
25. Hector's month's living expenses covered ratio is 0.25 months- He just broke his leg and will not be able to work for six weeks- Without a paycheck for six weeks, what will Hector most likely experience?

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