1. Which one calculates Net Worth?
Income - Expenses
Liabilities + Assets
Assets - Liabilities
Assets – Net Worth

2. Which one is not liability ?
Credit Card bill
Car Loan
Mortgage
Home

3. Which is not an Asset ?
Jewelry
Credit card bill
Furniture
Computer

4. A Net Worth Report consists of what ?
Income and Expenses
Time Frames
Assets and Liabilities
Goals

5. A financial document that analyzes net worth:
Income Statement
Balance Sheet
Spending plan

6. A financial document that calculates if you are operating at a net profit or a net loss:
Income Statement
Balance Sheet
Spending plan

7. A financial document that looks into the future and estimates spending:
Income Statement
Balance Sheet
Spending plan

8. A long term goal is set for ?
Next Month
1 Year
Next week
5 Years or more

9. Goals must be ?
Short term.
Happy
Reasonable
Complex

10. An income statement is analyzed:
Weekly
Monthly
Daily
yearly

11. An example of a fixed expense is a:
Cell phone bill
Utilities bill
Mortgage
Food bill

12. How do you determine the quality of life you want?
Values, needs, wants, and financial goals

13. Open your Balance Sheet and Income Statement you created in Excel
File, save as “financial statements review” (a new doc. Is now created)
Update the amounts:

14. Balance Sheet amounts:
ASSETS:
Cash on hand:5000
Checking account:1800
Savings account:3000
Personal property:1200
Car #1 (paid in full):8000
LIABILITIES:
Car #2 (loan):
Student Loan:25000
Credit Card:800

15. Income Statement amounts for September:
INCOME: (your salary is $28,000 / year)
Wages:__________(=36,000 / 12) 12 months a year (entry-level teaching salary
Monetary Gifts: 50
EXPENESES:
Fixed:
Savings per month: calculate 10% of your wages
Mortgage (or rent): you live at home, pay $75 a month
Graduate School tuition: $0, you receive tuition reimbursement from your work
Car insurance: 175
Taxes (28% of wages): you calculate
Variable:
Telephone: 0
Utilities (water, electric): 25
Gas for car: 60
Telephone / Cell: 55
Car maintenance / repairs: 50
Entertainment: 100
Clothing: 75
Personal Care: 35
Food: 50