BUSI 223 Quiz 2 Filling out Worksheets solutions complete answers

BUSI 223 Quiz 2 Filling out Worksheets solutions complete answers

 

The Ramos family budgets $400 a month for food. Last month they spent $393, which creates a:

 

This month, Oliver Goldberg has cash inflows of $2,950 and cash outflows of $2,800, resulting in a: 

 

Chloe Jones has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $119,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550. What is the value of her real estate assets?

 

A family has a net worth of $165,000 and liabilities of $176,000. What is the amount of their assets?

 

Ella McDonald has determined that the value of her liquid assets is $4,800, the value of her real estate is $126,000, the value of her personal possessions is $59,000, and the value of her investment assets is $79,000. She has also determined the value of her current liabilities is $6,600 and the value of her long-term liabilities is $94,000. What is Ella's net worth?

 

A family has a net worth of $170,000 and liabilities of $182,000. What is the amount of their assets?

 

Chloe Jones has determined the following information about her own financial situation. Her checking account is worth $800 and her savings account is worth $1,100. She owns her own home that has a market value of $122,000. She has furniture and appliances worth $9,500 and a laptop worth $1,400. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $32,500. What is the total value of her assets? 

 

Chloe Jones has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $4,500 and she has a retirement account worth $62,300. What is the value of her investment assets? 

 

Chloe Jones has determined the following information about her own financial situation. Her checking account is worth $500 and her savings account is worth $900. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased an annuity worth $5,500 and she has a retirement account worth $38,550. What is the value of her liquid assets?

 

When preparing her monthly budget, Maddie Foster has projected income of $3,700. Each month she pays $1,200 in rent, $42 for life insurance, and $240 for her auto loan. What percentage of her budget goes for these fixed expenses?

 

One of the main purposes of personal financial statements is to:

 

Copies of tax returns and supporting data should be kept for _____________blank year(s).

 

Financial experts recommend monthly savings of:

 

Liquid assets refer to:

 

Flexible payments that change from month to month are referred to as:

 

Karen Phillips has created a financial statement for herself that lists all of the assets she owns as well as the debts she owes. This would be an example of:

 

The 50/30/20 financial rule of thumb suggests that 20 percent of income be used for:

 

A common deduction from a person’s paycheck is for:

 

Liabilities are amounts representing:

 

For January, Beth Rhodes had cash inflows of $3,500 and cash outflows of $4,050, resulting in a: 

 

A decrease in net worth could be the result of:

 

One of the main purposes of a budget is to help you:

 

Current liabilities differ from long-term liabilities based on:

 

Jamie McFarland has determined that the value of her liquid assets is $4,200, the value of her real estate is $135,000, the value of her personal possessions is $60,000, and the value of her investment assets is $75,000. She has also determined the value of her current liabilities is $7,500 and the value of her long-term liabilities is $90,000. What is Jamie’s net worth?

 

Jamie McFarland has determined that the value of her liquid assets is $5,400, the value of her real estate is $182,000, the value of her personal possessions is $26,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $7,500 and the value of her long-term liabilities is $98,000. What is the total value of her assets? 

 

Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000 and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $5,700 and the value of her long-term liabilities is $89,000. What is Jamie’s net worth?

 

Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $550 and her savings account is worth $1,800. She owns her own home that has a market value of $108,000. She has furniture and appliances worth $11,500 and a laptop worth $3,100. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,600 and she has a retirement account worth $38,000. What is the total value of her assets?

 

Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $800 and her savings account is worth $1,100. She owns her own home that has a market value of $122,000. She has furniture and appliances worth $9,500 and a laptop worth $1,400. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $32,500. What is the total value of her assets? 

 

Patricia McDonald has determined that the value of her liquid assets is $3,700, the value of her real estate is $125,000, the value of her personal possessions is $64,000, and the value of her investment assets is $77,000. She has also determined the value of her current liabilities is $6,900 and the value of her long term liabilities is $89,000. What is Patricia’s net worth?

 

A person has $1,550 in liabilities, monthly savings of $200, and monthly gross income of $2,000. What is the person’s savings ratio?  

 

Patricia McDonald has determined the following information about her own financial situation. Her checking account is worth $500 and her savings account is worth $1,700. She owns her own home that has a market value of $104,000. She has furniture and appliances worth $13,000 and a laptop worth $2,900. She has a car worth $10,000 and owes $8,500 on her auto loan. She has also purchased some stock worth $5,100 and she has a retirement account worth $40,000. What is the total value of her assets?

 

Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $5,700 and the value of her long-term liabilities is $89,000. What is the total value of her debts?

 

Jamie McFarland has determined that the value of her liquid assets is $4,900, the value of her real estate is $129,000, the value of her personal possessions is $63,000, and the value of her investment assets is $71,000. She has also determined the value of her current liabilities is $7,400 and the value of her long-term liabilities is $96,000. What is the total value of her debts?

 

Money management activities refer to long-term investment decisions.

 

When one money management decision is made, an alternative must be given up.

 

Opportunity costs are only associated with money management decisions involving longterm financial security.

 

Financial records that are referred to on a regular basis should be kept in a safe-deposit box.

 

A budget is a specific plan of how a person or family will spend their money.

 

A personal balance sheet reports your income and expenses.

 

A person’s net worth is the difference between the value of the items owned and the amounts owed to others.

 

Furniture, jewelry, and an automobile are examples of liquid assets.

 

Insolvency is a result of having more liabilities than assets.

 

A personal cash flow statement presents income and outflows of cash for a given time period, such as a month.

 

Take-home pay is a person’s earnings after deductions for taxes and other items.

 

If expenses for a month are greater than income, an increase in net worth will result.

 

A personal cash flow statement can serve as the basis for the budget categories used by an individual or family.

TRUE

 

Definite financial obligations are referred to as variable expenses.

 

Opportunity costs refer to:

 

A home file should be used for:

 

Which of the following financial documents would most likely be stored in a safe- deposit box?

 

Which of the following would be an example of a personal and employment document?

 

Which type of financial records includes stock and bond reports?

 

Warranties are commonly associated with ____________ purchases.

 

Which of the following are considered to be personal financial statements?

 

A personal balance sheet presents:

 

The current financial position (including net worth) of an individual or family is best presented with the use of a(n):

 

A family with $45,000 in assets and $22,000 of liabilities would have a net worth of:

 

Items that you own with a monetary worth are referred to as:

 

The value of items owned minus the amounts owed to others equals:

 

An individual retirement account is an example of a(n) ____________ asset.

 

Ben Chase needs to pay off some of his debts over the next few months. Which item on his balance sheet would help him decide what amounts are due in the near future?

 

Which of the following would be considered a long-term liability?

mortgage

 

Which one of the following illustrates an insolvent situation?

 

A person’s net worth would increase as a result of:

 

A cash flow statement reports a person’s or a family’s:

 

Which one of the following presents a summary of income and outflows for a period of time?

 

Total earnings of a person minus the deductions for taxes and other items is called:

 

Payments that do not vary from month to month are ____________ expenses.

 

Ed Bostrom wants to reduce his fixed expenses. Which action would be appropriate? 

 

Which of the following payments would be considered a variable expense?

 

During the past month, Jennifer Ernet had income of $3,000. During the month, her net worth declined by $200. If no other financial activities occurred, this means Jennifer’s payments for the month were:

 

Improvements in a person’s financial position are the result of:

 

To determine a person’s solvency, which financial document should be consulted?

 

Which one of the following is the best example of a long-term goal for a young couple?

 

Which one of the following should be budgeted first?

 

Changes in the cost of living are:

 

If a family planned to spend $370 for food during March but only spent $348, this difference would be referred to as a:

 

A budget deficit would result when a person’s or family’s:

 

When it comes to savings, most Americans:

 

Jennifer Rodrick uses a computer to help her record her spending each month. She updates her records weekly. This would be an example of:

 

Kyle Burroughs has decided to put $25 more per week in his savings account. He knows this will reduce his ability to go out to eat each week but thinks building his savings is important. This would be an example of:

 

Nick Boss has a savings account with $550 in it. He knows that he can withdraw this money whenever he wishes. This would be an example of:

 

Karen Price has created a financial statement for herself that lists all of the assets she owns as well as the debts she owes. This would be an example of:

 

A personal balance sheet:

 

Patricia McDonald has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000. What is Patricia’s net worth?

 

Patricia McDonald has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500 and owes $7,800 on her auto loan. She has also purchased some stock worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets?

 

Kathy Stumbaugh has determined that the value of her assets is $46,000 and the value of her debts is $32,000. The difference between these two is $14,000. The $14,000 could be referred to as her:

 

A family has a net worth of $156,000 and liabilities of $167,000, what is the amount of their assets?

 

Sean Carter needs to store monthly statements from his bank, his credit card company and from his savings and loan. Where is the most appropriate place for Sean to store this information?

 

Jerry Allison needs to store the title to his car and his house. Where is the most appropriate place for Jerry to store this information?

 

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her liquid assets?

 

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her real estate assets?

 

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal assets?

 

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a 2-year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the value of her investment assets?

 

Katherine Kocher has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a 2- year certificate of deposit worth $5,500 and she has a retirement account worth $38,550. What is the total value of her assets?

 

Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000. What is the total value of her assets?

 

Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $128,000, the value of her personal possessions is $62,000, and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $7,500 and the value of her long term liabilities is $98,000. What is the total value of her debts?

 

Jamie McFarland has determined that the value of her liquid assets is $4,500, the value of her real estate is $108,000, the value of her personal possessions is $62,000 and the value of her investment assets is $73,000. She has also determined the value of her current liabilities is $9,500 and the value of her long term liabilities is $68,000. What is Jamie’s net worth?

 

This month, Ken Grossman has cash inflows of $3,100 and cash outflows of $2,950, resulting in a

 

A person has $1,250 in liabilities, monthly savings of $200, and monthly gross income of $2,500. What is the person’s savings ratio?

 

When preparing her monthly budget, Marge Kent has a total spending allowance of $4,600. Each month she pays $1,200 in rent, $60 for cable television and Internet service, and $240 for her auto loan. What percentage of her budget goes for these fixed expenses?

 

The Hernandez family budgets $420 a month for food. Last month they spent $413, which creates a

 

Samuel Jackson has developed a budget that he follows each month. This is a budget that he keeps in his head. He does not write anything down, nor does he use a computer to keep track of this budget. What type of budget has Samuel created?

 

Jonathan Wynn has developed a budget that he follows each month. Jonathan has an envelope for each type of expenditure. After he cashes his paycheck, he puts the amount of cash in each envelope that he plans to spend on that category each month. What type of budget has Jonathan created?

 

Amy Farmer has developed a budget that she follows each month. She went to the office supply store and purchased a spiral notebook. Each month she pens in what she wants to spend in the various categories. At the end of the month, she pens the amount that she actually spent in each of these categories and compares the results. What type of budget has Amy created?

 

Jeff Willis has a budget that he follows each month. He has used Microsoft’s Money to help him determine what he wants to spend each month. At the end of the month, Money automatically compares what he budgeted with what he spent. Jeff can also graph these results if he wants to. What type of budget has Jeff created?

 

An investment account that increases from $1,000 to $1,005 in a month is earning approximately __ percent annual interest.

 

An investment account that increases from $3,000 to $3,271 in one year is earning approximately ___ percent annual interest.

 

Allen Arnold has determined that the amount of money he spends on his mortgage payment, car insurance payment, and cable bill totals $1,200 each month. What type of expenses has Allen determined with this calculation?

 

Which of the following is (are) typically considered to be a personal financial record?

 

Most income tax documents should be kept for _____ year(s).

 

Which of the following would most likely be classified as a current liability?

 

Which of the following would be considered a fixed expense?

 

Your Aunt gives you some money for your birthday and you decide to put it into your savings account instead of spending it. The trade-off of not being able to spend the money now is this decision’s ________ cost.

 

For January, Bethany DeWeese had cash inflows of $4,200 and cash outflows of $4,750, resulting in a

 

Warranties are commonly kept with ____________ purchase and automobile records in a home file.



Which of the following items is something that would typically not be stored in a safe deposit box?



Opportunity costs refer to:



An organized system of financial records provides a basis for:



Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $8,500 and a laptop worth $1,200. She has a car worth $9,700. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550. What is the value of her personal possessions?

 

Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $4,500 and she has a retirement account worth $62,300. What is the value of her investment assets?



Discretionary income is:



The amount of income that a person or household has available to spend after deductions for taxes and other items is called:



Funds set aside for retirement is an example of a(n) ____________ asset.



The value of the home you own would be included in which section of your balance sheet?



Which one of the following presents a summary of cash receipts and payments for a period of time?



Total earnings of a person minus the deductions for taxes and other items is called:



Which one of the following illustrates an insolvent situation?



Which of the following are considered to be personal financial statements?



Ben Chase needs to pay off some of his debts over the next few months. Which item on his balance sheet would help him decide what amounts are due within one year?



A person’s net worth would increase as a result of:



Changes in the cost of living:



Characteristics of successful budgets include being:



Jeff Willis has a budget that he follows each month. He has used spreadsheet software to help him determine what he wants to spend each month. At the end of the month, the spreadsheet software automatically compares what he budgeted with what he spent. Jeff can also graph these results if he wants to. What type of budget has Jeff created?



If a family planned to spend $400 for food during April but only spent $350, this difference would be referred to as a:



Which of the following is typically considered to be a personal and employment record?



Which category of a home file includes stock and bond purchase documents?



Which of the following financial documents would most likely be stored in a safe-deposit box?



Which of the following would be considered a long-term liability?



Common long-term liabilities include:



This month, Kenneth Goldberg has cash inflows of $2,950 and cash outflows of $2,800, resulting in a:



A family has a net worth of $165,000 and liabilities of $176,000, what is the amount of their assets?



Which of the following payments would be considered a variable expense?



A personal balance sheet presents:



Which one of the following cash outflows should be listed first on a Cash Flow Statement?



Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $500 and her savings account is worth $900. She owns her own home that has a market value of $98,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased an annuity worth $5,500 and she has a retirement account worth $38,550. What is the value of her liquid assets?



Amy Farmer has developed a budget that she follows each month. She went to the office supply store and purchased a spiral notebook. Each month she writes in what she plans to spend in the various categories. At the end of the month, she writes in the amount that she actually spent in each of these categories and compares this with the budgeted amounts. What type of budget has Amy created?



The 50/30/20 financial rule of thumb suggests that 50 percent of income be used for:



Chris Carter needs to store monthly statements from his bank, his credit card company and his savings accounts. Where is the most appropriate place for Chris to store this information?



Which of these is an example of an opportunity cost?



Nicholas Bowman has a savings account with $825 in it. He knows that he can easily withdraw this money and spend it whenever he wishes. This would be an example of:



A person’s net worth is computed by:



The current financial position of an individual or family is best presented with the use of a:



The Garcia family budgets $400 a month for food. Last month they spent $393, which creates a:



A person with erratic or seasonal income may need an emergency fund of _____ months or more.



Andrew Smith has developed a budget that he follows each month. This is a budget that he keeps in his head. He does not write anything down, nor does he use a computer to keep track of this budget. What type of budget has Andrew created?



During the past month, Jennifer Johnson had income of $3,500. During the month, her net worth declined by $300. If no other financial activities occurred, this means Jennifer’s payments for the month were:



Financial payments that do not vary from month to month are referred to as variable expenses.

 

For many years, the United States has ranked highest among industrial nations in savings rate.

 

Which of the following would be organized as a personal and employment record in a home file?

 

In order to determine net worth, you would create what kind of report?

 

Catherine Jones has determined the following information about her own financial situation. Her checking account is worth $850 and her savings account is worth $1,200. She owns her own home that has a market value of $119,000. She has furniture and appliances worth $12,000 and a home computer and laptop worth $3,300. She has a car worth $12,500. She has recently purchased a mutual fund worth $5,500 and she has a retirement account worth $38,550. What is the value of her real estate assets?