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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. Having negative net income every once in a while is not such a bad thing as long as you have planned for it.
2. A plan for controlling and forecasting your cash inflows and cash outflows is called a(n)
3. If the people below, with their respective current ratios, were to lose their jobs today, which one would have more time and more choices until he or she found another job?
4. Practical uses of an income statement include
5. When including an asset such as a car on your balance sheet
6. Suppose that you were trying to determine how much income was available for future monetary needs as well as for investments- Which of the following ratios would you most likely use?
7. Planning and budgeting requires
8. To calculate your net worth, subtract your total debt from your total assets.
9. Sarah has $15,000 in monetary assets, $48,000 in annual living expenses, a $20,000 balance on her car loan, and $60,000 of equity in her house- What is her month's living expenses covered ratio?
10. As long as a financial planner is certified you need not worry about his ability to provide you with the correct financial plan for your situation.
11. Current liabilities are those that can typically be paid off in full within 12 months.
12. Suppose that David's only assets are an automobile worth $10,000 and a checking account with a $5,000 balance- His only liabilities are a student loan balance of $12,000 and a balance of $9,000 on his car loan- What is his net worth?
13. Below are several people and their current ratios- If they were to lose their jobs today, which one would probably experience financial stress and pressures the quickest?
14. In some cases insolvency can lead to bankruptcy.
15. Insolvency results from earning more than you spend.
16. Which of the following might be found on an income statement?
17. A physical asset such as a high-definition, flat-screen TV or a Harley Davidson motorcycle is called a(n)
18. Suppose that Jacob's assets include a motorcycle worth $12,000 and a checking account with a $3,000 balance, while his liabilities include a credit card balance of $4,000 and a motorcycle loan balance of $7,000- What is his net worth?
19. Your net worth, or your general level of financial worth, is found by
20. Which financial planning document should you use to measure your current financial condition?
21. The first section of a balance sheet represents your
22. The term 'fair market value' refers to how the price of an asset has changed since its original purchase.
23. Which of the following items would not be included on a balance sheet?
24. An expenditure that you can control over time and that you can manage is a(n)
25. Henry currently has $1250 in monetary assets and also has $1250 in current liabilities- What is his current ratio?

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