MMAT - Final Exam Review - Spring 2017

Is a balance sheet a record of assets and liabilities at a point in time? 

• Yes
• No

Is the difference between assets and liabilities called your cash flow?

• Yes
• No

Are variable expenses for the same amount each time? 

• Yes
• No

Does the process of good money management should start with knowing your current financial status?

• Yes
• No

A mortgage or rent payment is a(n) ________.

• fixed expense
• variable expense
• personal asset
• deficit

On a balance sheet, the value of your home is listed under ________, while the amount you still owe on your home mortgage is listed under ________.

• liabilities; assets
• net worth; liabilities
• assets; liabilities
• liabilities; net worth

When preparing a cash flow statement, include ________ under Cash Inflows.

• gross pay before taxes and deductions
• gross pay less taxes only
• net income or take-home pay
• interest on mortgage

Money management means never spending, doing without things, and not having any fun.

• True
• False

Keely's family has assets of $250,000, including $160,000 of value in their home. The family has $80,000 in liabilities. What is the family's net worth?

• $10,000
• $170,000
• $330,000
• $490,000

A report that lists a company's assets, liabilities, and owner's equity at a specific point in time.

• Budget
• Financial plan
• Cash flow statement
• Balance sheet