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Exam 3: Financial Statements,tools,and Budgets

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Question 21

True/False

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A net surplus in your monthly budget cannot be carried forward to the next month.

A) True
B) False

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Question 22

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A debt-payments-to-disposable-income ratio with monthly nonmortgage debt repayments of $470 and a disposable income of $3,615 would be ____ percent.

A) ​13
B) ​20
C) ​8
D) 87​

E) All of the above
F) C) and D)

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Question 23

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A cash-flow statement summarizes transactions that have taken place over a specific period of time.

Financial plans should include objectives and goals in which of the following areas?​

NARRBEGIN: Figure 3-1 Figure 3-1 Maria and John Sanchez have just completed their third annual set of financial statements.They met in a personal finance class while in college and still remember their instructor's advice regarding the importance of knowing their financial condition and progress.Even before they got married,they decided that each year on February 2 (Groundhog Day) they would update their cash-flow statement and their balance sheet. ​ The following information is taken from their latest financial statements: ​​ -A long-term goal is one that is projected to be achieved beyond how much time?​

The three broad areas of financial plans include financial plans for​

A low asset-to-debt ratio is a positive indicator of financial well-being.

Financial planning focuses primarily on spending wisely.

A person is insolvent when he or she doesn't have enough current income to pay all of his or her current bills.

Discretionary income is used to pay for things like​

A surplus on your cash-flow statement indicates that you are​

Vincent and Paula Farelli have decided to pay off their $875 MasterCard debt by taking $875 out of their money market savings account.This transaction will​

NARRBEGIN: Figure 3-1 Figure 3-1 Maria and John Sanchez have just completed their third annual set of financial statements.They met in a personal finance class while in college and still remember their instructor's advice regarding the importance of knowing their financial condition and progress.Even before they got married,they decided that each year on February 2 (Groundhog Day) they would update their cash-flow statement and their balance sheet. ​ The following information is taken from their latest financial statements: ​​ -A short-term goal is one that is projected to be achieved within how much time?​

The Ronselli family has total assets of $460,000 and total liabilities of $186,000.Included in their total assets are monetary assets of $47,000 and investment assets of $253,000.What is the Ronsellis' investment assets-to-total assets ratio?​

The primary purpose of setting long-term financial goals is to help​

Short-term liabilities are obligations to be paid off within one year.

A family with two income earners will always need a greater amount of cash reserves than a family with one earner.

Which of the following is (are) characteristic of a safe-deposit box?

The advantages of having organized financial records include​

A surplus demonstrates that you are managing your financial resources successfully and do not have to use savings or borrow to make financial ends meet.