Solved by verified expert :86. (p. 61) The
document that would be most useful to track planned spending patterns for the
next month is
A. Balance sheet
B. Cash flow statement
C. Budget
D. All of the above
E. None of the above
87. (p. 61) The
document that would be most useful to track current value of investment
accounts is
A. Balance sheet
B. Cash flow statement
C. Budget
D. All of the above
E. None of the above
88. (p. 51) A
family with $45,000 in assets and $22,000 of liabilities would have a net worth
of
A. $22,000
B. $23,000
C. $41,000
D. $45,000
E. $67,000
89. (p. 51) Patrick
Guitman has a net worth of $156,000 and liabilities of $167,000. What are his
total assets?
A. $11,000
B. $156,000
C. $161,500
D. $167,000
E. $323,000
90. (p. 51) Given
the following information, calculate the net worth:
Assets = $5000
Cash inflows = $4500
Cash outflows = $2000
Liabilities = $1000
A. $500
B. $1000
C. $2500
D. $3000
E. $4000
91. (p. 52) Given
the following information, calculate the debt ratio percentage:
Liabilities $24,000
Liquid assets $4,400
Monthly credit payments $300
Monthly savings $260
Net worth $72,000
Current liabilities $1,100
Take-home pay $1,800
Gross income $3,000
Monthly expenses $1,540
A. 33.3
B. 4
C. 2.86
D. 16.67
E. 8.67
92. (p. 52) Given
the following information, calculate the current ratio:
Liabilities $24,000
Liquid assets $4,400
Monthly credit payments $300
Monthly savings $260
Net worth $72,000
Current liabilities $1,100
Take-home pay $1,800
Gross income $3,000
Monthly expenses $1,540
A. 33.3
B. 4
C. 2.86
D. 16.67
E. 8.67
93. (p. 52) Given
the following information, calculate the liquidity ratio:
Liabilities $24,000
Liquid assets $4,400
Monthly credit payments $300
Monthly savings $260
Net worth $72,000
Current liabilities $1,100
Take-home pay $1,800
Gross income $3,000
Monthly expenses $1,540
A. 33.3
B. 4
C. 2.86
D. 16.67
E. 8.67
94. (p. 52) Given
the following information, calculate the debt payments ratio:
Liabilities $24,000
Liquid assets $4,400
Monthly credit payments $300
Monthly savings $260
Net worth $72,000
Current liabilities $1,100
Take-home pay $1,800
Gross income $3,000
Monthly expenses $1,540
A. 33.3 percent
B. 4 percent
C. 2.86 percent
D. 16.67 percent
E. 8.67 percent
95. (p. 52) Given
the following information, calculate the savings ratio:
Liabilities $24,000
Liquid assets $4,400
Monthly credit payments $300
Monthly savings $260
Net worth $72,000
Current liabilities $1,100
Take-home pay $1,800
Gross income $3,000
Monthly expenses $1,540
A. 33.3 percent
B. 4 percent
C. 2.86 percent
D. 16.67 percent
E. 8.67 percent
96. (p. 57) Rebecca
Gladlyn budgeted $345 for a new wardrobe in June. She actually spent $378. What
is her budget variance?
A. $378 deficit
B. $33 deficit
C. $723 deficit
D. $33 surplus
E. $345 surplus
97. (p. 57) Rebecca
Gladlyn budgeted $1050 for housing and utilities in July. She actually spent
$962. What is her budget variance?
A. $962 deficit
B. $88 deficit
C. $44 deficit
D. $88 surplus
E. $962 surplus
