Test Bank For Personal Financial Planning 13th Edition by Lawrence J. Gitman
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Test Bank For Personal Financial Planning 13th Edition by Lawrence J. provides a comprehensive collection of practice questions and answers designed to help you master the fundamentals of personal finance. This valuable resource covers key concepts such as budgeting, investing, retirement planning, and insurance, providing you with the knowledge and confidence to make informed financial decisions. With detailed explanations and challenging questions, you can strengthen your understanding of personal finance principles and achieve success in your coursework.
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- ISBN-13: 978-1111971632
- ISBN-10: 1111971633
Test Bank For Personal Financial Planning 13th Edition by Lawrence J. Gitman
Chapter 2—Using Financial Statements and Budgets
TRUE/FALSE
1.A balance sheet shows your financial condition as of the time the statement is prepared.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY:Bloom’s: Knowledge
2.One could use statements from their various financial institutions to help complete a balance sheet.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY:Bloom’s: Knowledge
3.The income statement includes information on your latest paycheck.
ANS: F PTS: 1 DIF: Challenging OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY:Bloom’s: Analysis
4.The income and expenditures statement provides a measure of financial performance over a period of time.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY:Bloom’s: Knowledge
5.Financial planning is necessary only if you earn a lot of money.
ANS: F PTS: 1 DIF: Easy OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY: Bloom’s: Comprehension
6.Assets listed on your balance sheet must have monetary value.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY: Bloom’s: Comprehension
7.A budget is a detailed statement of what income and expenses occurred over a past period.
ANS: F PTS: 1 DIF: Moderate OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY: Bloom’s: Comprehension
8.A budget is a detailed financial forecast.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-1
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY: Bloom’s: Comprehension
9.Financial assets are intangible assets acquired to achieve long-term personal financial goals.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-2
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY:Bloom’s: Knowledge
10.Assets purchased on credit should be included on the asset side of the balance sheet.
ANS: T PTS: 1 DIF: Moderate OBJ: LO: 2-2
NAT: BUSPROG: Analytic skills STA: DISC: Financial Analysis and Cash Flows
KEY: Bloom’s: Comprehension
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