Homework

12. Which of the folowing would be consikdered a long term labiliny a Charge account payment Mortgage Six month personal loan d Amount due on a credit card 13. Which one of the following ustrates an insolvent situation?" a Assets $56.000 aonual expenses S00.000 b Assets $78,000, net worth $22.000 c. Liabilitios $45,000; net worth $6,000 d. Assets $40,000; liabilities $45.000 14. A cash flow statement reports a person's or a family's: net worth b. current income and paymentsa plant for spending value of investments 15. Total eamings of a person minus the deductions for taxes and other items is called. budgeted income b. gross pay c. total revenue d. take-home pay 16. Payments that do not vary from month to month are expenses. a, fixed b. usage variable d. luxury 17. Which of the following payments would be considered a variable expense? a. Rent b. Mortgage payment c. Payment on a car loan d. Water bill 18. Kathy Stumbaugh has determined that the value of her assets is $46,000 and the value of hen debts is $32,000. The difference between these two is $14,000. The $14,000 could be referred to as her Nest egg a. b. Adjusted assets c. Debt equity d. Net worth 19. A family has a net worth of $156,000 and liabilities of $167.000, what is the amount of their assets? a. $11,000 b. $156,000 c. $167,000 d) $323,000