Liabilities are best described asA) your net worth.B) monetary items of value that you own.C) assets that depreciate over time.D) intangible obligations.E) financial debts and obligations that you owe.

A plan for controlling and forecasting your cash inflows and cash outflows is called a(n)  _ A) balance sheetB) income statementC) cash budgetD) statement of changes in financial positionE) none of the above

Personal financial planning can help you to A) have enough money for a comfortable B) deal with unplanned health C) minimize your chances of personal bankruptcy . D) minimize your tax payments to Uncle E) all of the above .

Practical uses of an income statement includeA) determining if money is available for saving or investment.B) spotting problem areas of overspending.C) knowing where your money is going.D) determining whether you are earning more than you spend.E) all of the above

Probably the most important determinant of your future earnings will be A)   the size of the company where you will work. B)  joining a labor union. C)    your seniority with your company. D)   your highest level of education obtained.

Proper financial planning can help you use your current income to achieve your long term financial goals

Which one of the following is not one of the five basic steps in personal financial planning? A) Implement your plan B) Evaluate your financial health C) Let an accountant review your plan D) Develop a plan of action E) Define your financial goals

What piece of advice might you give to someone for whom the act of saving is an afterthought?  A) Money isn’t everything. B) Don’t put all your eggs in one basket. C) Pay yourself first. D) None of the above.  

The  term  that considers having  money  readily available  when you need it is the concept of   A) liquidity.B) solvency.C) flexibility.D) equity.E) none of the above

Match the following traits to the appropriate Kingdom.