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Fin 101 Exam 1 Review Exam questions with correct answers 2026/2027 Edition Graded A+ TRUE OR FALSE: A home and land should be recorded on the personal balance sheet at their original cost. -False TRUE OR FALSE: All assets, regardless of category, sh

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Fin 101 Exam 1 Review Exam questions with correct answers 2026/2027 Edition Graded A+ TRUE OR FALSE: A home and land should be recorded on the personal balance sheet at their original cost. -False TRUE OR FALSE: All assets, regardless of category, should be recorded on your balance sheet at their current fair market value. -False TRUE OR FALSE: Money I l

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FIN 1O1/102/202
BUS/110.
BUSINESS
wiseman 2026/2027 BUSINESS

, Fin 101 Exam 1 Review Exam
questions with correct answers
2026/2027 Edition Graded A+
TRUE OR FALSE: A home and land should be recorded on the personal
balance sheet at their original cost. - ✅✅False


TRUE OR FALSE: All assets, regardless of category, should be recorded
on your balance sheet at their current fair market value. - ✅✅False


TRUE OR FALSE: Money I loaned to a friend is a liability on my balance
sheet. - ✅✅False


TRUE OR FALSE: You may be under-budgeting for food if you
continually have monthly deficits in the food category. - ✅✅True


Your ________ is an example of a liquid asset.
a) home
b) charge account
c)checking account
d)life insurance cash value

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