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Worksheets2.03 Statement of Financial Positions Note Taking Guide
Total questions: 10
Worksheet time: 5mins
How can you increase net worth
Decrease assets
Increase assets
Increase liabilities
Increase assets and liabilities
How often is it recommended to create a Statement of Financial Position
Four times per year
Three times per year
Two time a year
Once per year
What is a liability
Everything a person owns
assets that will generate money
what is owed to others
an individuals financial condition
Which type of assets can be quickly converted into cash
monetary
tangible
investment
liable
Which type of assets refers to property purchases to create a lifestyle or improve your life
monetary
tangible
investment
liable
Which type of assets are purchased with the hope they will generate income and appreciate in value
monetary
tangible
investment
liable
How is net worth calculated
Assets + Liabilities
Assets + Net Worth
Assets - Liabilities
Net Worth - Liabilities
Describes an individuals or family's financial condition on a specified date
Spending Plan
Income and Expense Statement
Statement of Financial Position
Net Worth
Measurement of how much a person or household owns once all debts have been paid
net worth
assets
wealth
income
Why should you keep net worth in mind when making financial decisions
to set goals
to help you generate income
people think they own less than what they do
because current financial decision affect your future
