The actual value of an asset, or the price of an asset, or the price for which it can reasonably be expected to sell in the open market is its:
A. Actual price
B. Book value
C. Depreciation amount
D. Fair market value
Tangible assets that are immovable: land and anything fixed to it, such as a house is a person's:
A. Investment
B. Real property
C. Liability
D. Open credit obligation
It is actually a method of preparing financial statements in which only transactions involving actual cash outlays are recorded.
A. Cash basis
B. Expense
C. Equity
D. Cash deficit
An excess amount of expense over income resulting in insufficient funds as well as in decreased net value is called:
A. Cash deficit
B. Limited Liability
C. Cash basis
D. Net worth
Total liquid assets divided by total current debts; measures the ability to pay current debts. It is:
A. Solvency ratio
B. Liquidity ratio
C. Savings ratio
D. Debt service ratio
Total net worth divided by total assets; measures the degree of exposure to insolvency is:
A. Solvency ratio
B. Liquidity ratio
C. Savings ratio
D. Debt service ratio
Cash surplus divided by net income (after tax); indicates relative amount of cash surplus achieved during a given period is:
A. Solvency ratio
B. Liquidity ratio
C. Savings ratio
D. Debt service ratio
It's a detailed financial report that looks forward, based on expected income and expenses.
A. Balance sheet
B. Income Statement
C. Budget
D. Equity turnover
Balance sheet and income statements that serve as essential planning tools for developing and monitoring personal financial plans may be referred as:
A. Personal financial statements
B. Legal financial statements
C. Illegal financial statements
D. Company profile
Gross domestic product is:
A. The total of all goods and services produced in a country used to monitor economic growth
B. The half of all goods and services produced in a country used to monitor economic growth
C. The division of all goods and services produced in a country used to monitor economic growth
D. None of the above
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