11/8/24, 3:18 PM
AAMS Practice 2WITH COMPLETE SOLUTIONS GRADED
A+.
Terms in this set (80)
1/15
, 11/8/24, 3:18 PM
Which of the following is a false statement regarding a good business plan? The plan
A) is in writing.
c
B) includes actionable steps.
C) should only contain business goals.
D) is shared with a mentor.
Jim Hanson's financial situation is as follows:
Savings account$5,000
Life insurance cash value$20,000
Short-term debts$3,000
Mortgage loan$100,000
Auto loan$10,000
Tuition payments$17,000
Auto loan payments$3,000
c Mortgage loan payments$9,600
Invested assets$40,000
Use assets$220,000
A) $127,000
B) $132,000
C) $172,000
D) $182,000
What is his net worth?
As of December 31, 20X1, Bill Simpson has the following financial data:
Salaries$90,000
Investment income$4,000
Mortgage payments$16,000
Insurance$3,000
Auto notes$20,000
Income taxes$25,000
Auto payments$6,000
Medical/dental$4,000
Misc.expenses$15,000
b
Utilities$3,000
CD$5,000
Education$10,000
Food$8,000
What is Bill's surplus or deficit?
A)$14,000
B)$4,000
C)$1,000
D)$7,000
Which one of the following is the most correctly formulated goal for a client?
A) invest $500 monthly using a dollar cost averaging strategy to increase net worth
b
B) accumulate $50,000 in seven years for a son's education
C) accumulate $50,000 for a second home
D) build enough net worth to retire in 15 years
2/15
AAMS Practice 2WITH COMPLETE SOLUTIONS GRADED
A+.
Terms in this set (80)
1/15
, 11/8/24, 3:18 PM
Which of the following is a false statement regarding a good business plan? The plan
A) is in writing.
c
B) includes actionable steps.
C) should only contain business goals.
D) is shared with a mentor.
Jim Hanson's financial situation is as follows:
Savings account$5,000
Life insurance cash value$20,000
Short-term debts$3,000
Mortgage loan$100,000
Auto loan$10,000
Tuition payments$17,000
Auto loan payments$3,000
c Mortgage loan payments$9,600
Invested assets$40,000
Use assets$220,000
A) $127,000
B) $132,000
C) $172,000
D) $182,000
What is his net worth?
As of December 31, 20X1, Bill Simpson has the following financial data:
Salaries$90,000
Investment income$4,000
Mortgage payments$16,000
Insurance$3,000
Auto notes$20,000
Income taxes$25,000
Auto payments$6,000
Medical/dental$4,000
Misc.expenses$15,000
b
Utilities$3,000
CD$5,000
Education$10,000
Food$8,000
What is Bill's surplus or deficit?
A)$14,000
B)$4,000
C)$1,000
D)$7,000
Which one of the following is the most correctly formulated goal for a client?
A) invest $500 monthly using a dollar cost averaging strategy to increase net worth
b
B) accumulate $50,000 in seven years for a son's education
C) accumulate $50,000 for a second home
D) build enough net worth to retire in 15 years
2/15
