Financial Statements & Recordkeeping

Which of the following is a deposit account held at a financial institution which allows withdrawals and deposits?

• Checking account

• Savings account

• Money market account

• Certificate of deposit

Which of the following bank accounts does NOT provide money access during the term length?

• Savings account

• Money market account

• Certificate of deposit

• Checking account

Which of the following is NOT considered a withdrawal?

• Purchases

• Transfers sent

• Checks cashed

• ATM withdrawals

Which of the following should NOT be included when interpreting a bank statement?

• Statement date

• Information from a different account

• Account activities

• Account summary

Which of the following is NOT a true statement about reconciling a bank statement?

• It involves matching up records with the information on the bank statement

• It is not necessary to ensure the balance is correct

• It can help with understanding spending pattern

• It can help catch any mistakes or even fraud

Which of the following financial documents is recommended to be stored at least three to seven years?

• Mortgage contract

• Supporting tax documentation

• Passport

• Utility bills

Which of the following is NOT correct when maintaining financial records?

• Keeping documents which are difficult to obtain

• Keeping financial records as long as necessary

• Keeping unneeded paper work

• Keeping files in a safe place

A net worth statement is also called which of the following?

• Personal assets list

• Personal liabilities sheet

• Personal estate list

• Personal financial statement

Which of the following is an example of a fixed asset?

• Cash

• Stocks

• Patent

• House

If an individual has total assets of $100,000 and total liabilities of $70,000, what is this person's net worth?

• $30,000

• $70,000

• $100,000

• $170,000