Have an account?
Which of the following is most likely missing from your financial plan if you are not prepared for an emergency?
Glenda bought a new car with monthly payments of $357. Glenda manages to make her monthly car payments each month, but fails to perform the routine maintenance, like regular oil changes, because of the cost. To ensure that regular maintenance on her car can get done, which part of her financial plan should Glenda work on?
Planning for the possibility that your home might get struck by lightning and catch on fire is part of a plan for _____.
Which of the following is a liability?
credit card balance
Which of the following increases liabilities but not assets?
Taking out a loan to buy a new car
Taking out a loan to go on vacation
Using a credit card to buy a computer
Paying off a student loan
The Svensons find a refrigerator valued at $2,300 on sale for $1,900. They decided to withdraw $500 from savings to use as a down payment on the purchase of the refrigerator and took out a loan to pay the balance. Choose the true statement.
The Svensons’ assets increased by $1,400.
The Svensons’ assets increased by $1,800.
The Svensons’ assets increased by $1,900.
The Svensons’ assets increased by $2,300.
The Worthingtons love to travel, so when they retired they sold their house and purchased a motor home valued at $165,000. They tow their car, valued at $32,000 behind their motor home when they travel. The Worthingtons have medical bills totaling $1,300 and a balance of $3,000 on credit cards. Since they invested for retirement, the Worthingtons have $200,000 in investments and an additional $20,000 in their savings account. What is the Worthingtons’ net worth?
Which of the following modifications to the list of assets and liabilities below would result in a positive net worth?
Home owned $105,000.
Mortgage owed $100,000.
Car valued at $26,000.
Car loan of $22,000.
Investment fund of $4,500.
Savings of $1,500.
Credit card balance of $15,000.
Lowering mortgage by $1,000.
Increasing investment fund by $500.
Adding $100 to savings.
All of the above.
hat does a negative net worth indicate?
Your assets exceed your liabilities.
Your assets equal your liabilities.
Your liabilities exceed your assets.
You have only assets and no liabilities.
Tony works 22 hours per week. His take home pay is $15.80 per hour. If Tony is able to save all of his earnings, how long will it take him to save at least $4,800?