F24CR - Budgets, Balance Sheets, Income Statements

Front

Child support that you receive is _____?

Back

income

Front

Child support that you pay is _____

Back

expense

Front

Rent that you pay is _____.

Back

expense

Front

Student loans are a _____.

Back

liability

Front

A mortgage is a _____.

Back

liability

Front

How can you pay for a deficit: Use some of your assets, Increase your liabilities, Neither of these - you can't pay for a deficit, Either of these - but they both lower your net worth

Back

Either of these - but they both lower your net worth

Front

True or False. Spending more than you earn always lowers your net worth.

Back

True

Front

Which of these correctly state the relationship between income statements and balance sheets: A surplus on your income statement increases assets or decreases liabilities on your balance sheet; Deficit decreases assets or increases liabilities, A deficit on your income statement decreases assets or increases liabilities on your balance sheet, Both of these are true, Neither of these are true - there is not connection between income statements and balance sheets

Back

Both of these are true

Front

A _____ tells you where you have been in the past.

Back

Income statement

Front

Creating a _____ is a key part of successful financial planning.

Back

All of these