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AAMS Accredited Asset Management Specialist
College of Financial Planning Exam with Q and A
Identify the major components of each of the following categories.
a. cash/cash equivalents
b. invested assets
c. use assets
d. short-term liabilities
e. long-term liabilities
f. net worth - (answers)a. cash/cash equivalents
checking accounts, money market mutual funds, T-bills, CDs,
money market deposit accounts, and savings accounts
b. invested assets
stocks, bonds, mutual funds, IRAs, pension funds (vested portion),
and rental property
c. use assets
automobiles and other vehicles, main residence, personal
property, boats, and clothing
d. short-term liabilities
liabilities payable in one year or less, such as credit card balances
, 2
e. long-term liabilities
liabilities payable over one year or more, such as mortgages, car
loans, student loans, and home equity loans
f. net worth
the residual difference between assets and liabilities
As of December 31, XXXX, the Summers have the following financial data:
Growth fund $13,500
Residence $430,000
Vested 401(k) plan $89,000
Auto loans $17,000
Residence mortgage $285,000
Auto payments $5,000
Rental house $137,000
Automobiles $45,000
Rental mortgage $24,000
Checking account $8,500
Utilities $7,000
CD $31,000
Utility stock $157,000
AAMS Accredited Asset Management Specialist
College of Financial Planning Exam with Q and A
Identify the major components of each of the following categories.
a. cash/cash equivalents
b. invested assets
c. use assets
d. short-term liabilities
e. long-term liabilities
f. net worth - (answers)a. cash/cash equivalents
checking accounts, money market mutual funds, T-bills, CDs,
money market deposit accounts, and savings accounts
b. invested assets
stocks, bonds, mutual funds, IRAs, pension funds (vested portion),
and rental property
c. use assets
automobiles and other vehicles, main residence, personal
property, boats, and clothing
d. short-term liabilities
liabilities payable in one year or less, such as credit card balances
, 2
e. long-term liabilities
liabilities payable over one year or more, such as mortgages, car
loans, student loans, and home equity loans
f. net worth
the residual difference between assets and liabilities
As of December 31, XXXX, the Summers have the following financial data:
Growth fund $13,500
Residence $430,000
Vested 401(k) plan $89,000
Auto loans $17,000
Residence mortgage $285,000
Auto payments $5,000
Rental house $137,000
Automobiles $45,000
Rental mortgage $24,000
Checking account $8,500
Utilities $7,000
CD $31,000
Utility stock $157,000
