preparation for QUIZ 1

Financial goals is important EXCEPT.....

• give us a direction

• guide us toward achieving the life

• making us run out of money

• help us to manage the money through financial planning

Break down your goals into those that are except ______.

• short term

• very short term

• medium term

• long term

Short term goals is likely.......

• less than 1 year

• 1-3 years

• 5-10 years

• more than 10 years

Medium term goals is .........

• less than 1 year

• 1-3 years

• more than 3 years

• more than 5 years

Long-term goals is ................

• less than 1 year

• 1-3 years

• more than 3 years

• more than 5 years

Personal balance sheet report on ,

• what you spend

• what you give

• what you own and owe

• what your money loss

Cash flow statement help you to ______ EXCEPT,

• provide information about current financial position

• summary of income and expenditure

• measure progress in short term only

• provide data that can use when preparing tax form

This is how we calculate your net worth EXCEPT,

• total up your loss

• list the things of value that you own

• total up your asset

• total up your liabilities

The following are steps to prepare a budget EXCEPT,

• live within your monthly income

• reach your financial goals

• keep aside money or saving

• live beyond your monthly income

If the total cash received during the period more than total cash outflows during the period, that means ......

• cash defisit

• cash surplus

• deficit budget

• balanced budget