Front

The last step in the financial planning process is to:

Back

redefine goals and revise plans and strategies as personal circumstances change.

Front

____ would not be listed as a liability on your balance sheet.

Back

Savings accounts

Front

The balance sheet equation is:

Back

Total Assets - Total Liabilities = Net Worth.

Front

Kim's net worth is $85,000 and her total assets are $100,000. What is Kim's solvency ratio?

Back

15%

Front

If your total assets equal $50,000 and your total liabilities equal $15,000; your debt ratio is:

Back

30%.

Front

Itemized deductions are listed on Schedule:

Back

A.

Front

For tax purposes, head-of-household refers to:

Back

a single individual with dependents.

Front

Determine Marcie's gross income for tax purposes based on the following information: Salary: $40,000, Interest (checking account): $50, Cash received as birthday gift: $900, Dividends (mutual funds): $500, Inheritance received on father's death: $22,000, Cash received from insurance accident claim settlement: $3,200, Cash dividend from stock: $750

Back

$44,500

Front

Funds in a ____ must remain on deposit for a stated time period in order to avoid an interest penalty.

Back

certificate of deposit

Front

The Annual Percentage Yield is the same as the:

Back

compound rate.