CRPC Practice Exam 1 with verified graded A+question and answers

CRPC Practice Exam 1 with verified graded A+question and answers 1. Mary Goodwin's financial situation is as follows: Cash/cash equivalents $15,000 Short-term debts $8,000 Long-term debts $133,000 Tax expense $7,000 Auto note payments $4,000 Invested assets $60,000 Use assets$188,000 What is her net worth? A) $137,000 B) $122,000 C) $263,000 D) $111,000: B) $122,000 2. At the end of last year, Bill Greer has the following financial information: Salaries $70,000 Auto payments $5,000 Insurance payments $3,800 Food $8,000 Credit card balance $10,000 Dividends $1,100 Utilities $3,500 Mortgage payments $14,000 Taxes $13,000 Clothing $9,000 Interest income $2,100 Checking account $4,000 Vacations $8,400 Donations $5,800 What is the cash flow surplus or (deficit) for Bill?