CRPC EXAM REVISION QUESTIONS AND ANSWERS

CRPC EXAM REVISION QUESTIONS AND ANSWERS 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)$111,000 B)$137,000 C)$122,000 D)$263,000 - CORRECT ANSWER -C At the end of last year, Bill Greer has the following financial information: Salaries$70,000Auto payments$5,000Insurance payments$3,800Food$8,000Credit card balance$10,000Dividends$1,100Utilities$3,500Mortgage payments$14,000Taxes$13,000Clothing$9,000Interest income$2,100Checking account$4,000Vacations$8,400Donations$5,800 What is the cash flow surplus or (deficit) for Bill? A) $2,700 B)