Unit Test — Unit test Answers

Dante listed his assets and liabilities on a personal balance sheet. Dante’s Balance Sheet (August 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total Which statement is true about the value of Dante’s assets and liabilities?

Aisha’s income statement for the month of June is shown. Which expression will find Aisha’s net income for June?

Patrick has assets that total $9,500. His liabilities total $1,900. Which expression will find Patrick’s net worth?

Rosetta listed her assets and liabilities on a personal balance sheet. Rosetta’s Balance Sheet (April 2013)AssetsLiabilitiescash$900credit card$4,000investments$1,100student loan$2,000 house$150,000mortgage$100,000car$8,000car loan$5,000Total Total If Rosetta sells her house and pays off the mortgage, how much should she receive (assuming there are no other costs associated with selling the house)?

budgettransportationutilitiesinsurance

How do long-term financial goals differ from short-term financial goals?

The chart compares transportation options.

Omar’s income statement for the month of October is shown. What is Omar’s net income for October?

What is the first step in the decision-making process?

What is included in an individual’s personal assets? Select three options.

Anna is creating a personal balance sheet. She plans to list these items.Bank AccountJewelryHealth InsuranceRentWhich statements about the balance sheet are correct? Select three choices.

Roberto listed his assets and liabilities on a personal balance sheet. Roberto’s Balance Sheet (September 2013)AssetsLiabilitiescash$1,800credit card$4,000investments$6,200personal loan$1,000house$150,000mortgage$100,000car$8,000car loan$5,000Total Total After creating the balance sheet, Roberto decided to use his investments to pay off his car loan. How will that decision affect the difference between his assets and liabilities?

Amala listed her assets and liabilities. Credit Card BalanceCar(Paid in full)JewelryStudent LoanSavings AccountStocks$850$2,200$125$2,500$1,200$1,500What is the total of Amala’s liabilities?

Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a month and pays $175 a month for utilities. Mr. Morgan owns a rental property for which he receives $680 per month.Which is a liability?

Rita does chores for her neighbors and makes $45 each weekend. She owes her sister $80. Rita has $178 in coins and a collection of baseball cards worth $475.Which is a liability?

Which bank does not charge at all for using the ATM? Bank Account Terms and Conditions

There are four steps in solving one’s personal financial challenges:1. considering opportunity costs2. assessing risks and returns 3. setting short- and long-term goals4. assessing needs and wantsWhich of these is the correct order of these steps?

Mindy wants to save money to buy a new couch.Which would be the best strategy for her to accomplish her goal?

Tricia listed her assets and liabilities. Credit Card BillCar LoanBondsPianoBank AccountBicycleWhich are Tricia’s liabilities? Select two choices..

Which of these would require a significant but temporary budget revision?