Chapter 2 - Chapter 2 Review Questions True/False 1 2 3 4 5...

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Chapter 2 Review Questions True/False 1. Financial planning is necessary only if you earn a lot of money. 2. Assets purchased on credit should be included on the asset side of the balance sheet. 3. Financial planners are regulated by the federal government. 4. Your current auto loan payment would be listed as an expense on the income and expense statement. 5. Only the current month’s payment on your mortgage loans would be listed on the balance sheet as a liability. 6. The balance sheet equation is assets minus liabilities equals net worth. 7. The income and expenditures statement is a summary of actual income and expenditures over a stated period of time. 8. An income statement deficit would increase net worth. 9. The solvency and savings ratios are useful in the evaluation of the balance sheet. 10. You have a balanced budget when total income for the year equals or exceeds total expenditures for the year. Multiple Choice
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This note was uploaded on 08/28/2009 for the course BUS ACG2021 taught by Professor Yost during the Spring '08 term at W. Florida.

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Chapter 2 - Chapter 2 Review Questions True/False 1 2 3 4 5...

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