Principles of Financial Planning Answers

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Consider Adam’s income statement. Which shows how to calculate Adam’s net income?

$1,310 - $3,100 = -$1,790

$3,100 + $1,310 = $4,710

$3,100 - $1,310 = $1,790

$4,710 - $3,100 = $1,610

What is the total value of Jasper’s liabilities?

$4,400

$11,340

$15,800

$20,260

What is the total value of Jasper’s assets?

$4,460

$11,340

$15,800

$20,260

Which would you use to determine how much money you have left over to save each month?

balance sheet

income statement

net worth statement

paystub

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