D363 PERSONAL FINANCE QUESTIONS AND CORRECT RATIONALES

D363 PERSONAL FINANCE QUESTIONS AND CORRECT
RATIONALES
1. Sophia is creating a personal budget. She Cash-flow statement
starts by listing her monthly income and
expenses.
Which financial statement did Sophia

create? Cash-flow statement

Net worth

Financial ratio

Balance sheet

2. A summary of income and expenses for a given period Cash-flow
statement
of time.

Cash-flow

statement Net

worth

Financial ratio

Balance sheet

3. Malik is reviewing a list of assets and liabilities. He uses Balance
sheet
the information shown in the table to
evaluate his net worth.:
Total Assets
$45,000 Total
Liabilities $22,000
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, D363 PERSONAL FINANCE QUESTIONS AND CORRECT
RATIONALES
Net Worth $23,000
Which financial statement is Malik

reviewing? Income and expense

statement

Cash-flow statement




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RATIONALES

Cash equivalent statement

Balance sheet

4. Provides a quick view of one's assets, liabilities, and net Balance
sheet
worth.

Income and expense

statement Cash-flow

statement

Cash equivalent statement

Balance sheet

5. Diego is reviewing his personal budget to see where he Variable
can control his spending so he can save more
money each month.
Which type of expenses would Diego be

reviewing? Fixed

Variable

Recurring

Surplus

6. Expenses which an individual has control. This is where Variable
one can look to save money each

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RATIONALES
month. Fixed

Variable




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