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Course: Personal Finance Management 1. When Phil lists his house on his balance sheet, he should record its A. insured value B. replacement value C.

Course: Personal Finance Management

1. When Phil lists his house on his balance sheet, he should record its

A. insured value B. replacement value C. sale price D. fair market value

2. Which of the following would not be listed as a liability on your balance sheet?

A. Loan balances B. Bank credit card charges C. Taxes owed D. Savings accounts

3. How is your average tax rate calculated?

A. Adjusted gross income divided by tax liability B. Adjusted gross income divided by tax withheld C. Tax liability divided by taxable income D. Taxable income divided by tax withheld

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