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11 Cards in this Set
- Front
- Back
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Haley just finished listing her financial goals and wants to determine her net worth. Haley needs to prepare a(n):
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balance sheet.
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Lily ran out of cash before getting paid for each of the past three pay periods. In order to take a closer look at her recent monthly earnings and spending, Lily needs to prepare a(n):
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income and expense statement.
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Karen owes her grandmother $85. She should list this on her balance sheet as a(n):
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liability.
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Jason has $500 in a savings account. He should list this on his balance sheet as a(n):
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asset.
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Marie's balance sheet showed that the difference between her assets and liabilities was $5,000. This is the amount of Marie's:
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net worth.
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Jan spent $50 this month on clothing and $65 on entertainment. Jan should list these on her income and expense statement as:
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expenses.
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Laura earned $40 this month and received $100 from a savings bond. She borrowed $25 and spent $120. Laura should list $5 on her income and expense statement as:
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net loss.
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Mark's total assets should be shown in his balance sheet as:
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$2,950
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Mark's total liabilities should be shown as:
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$160.
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Mark's listing of assets should include:
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value of motorcycle, and money in checking and savings.
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After Chuck 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?
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Being financially independent
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