|A personal balance sheet reports your income and expenses.
|When one money management decision is made, an alternative must be given up.
|Total earnings of a person minus the deductions for taxes and other items is called:
|Most income tax documents should be kept for _____ year(s).
|About what percent of Americans have no emergency fund?
|A person’s net worth is computed by:
||subtracting total liabilities from total assets.
|A common deduction from a person’s paycheck is for:
|Which one of the following illustrates an insolvent situation?
||Assets $40,000; liabilities $45,000 $40,000 (assets) – $45,000 (liabilities) = -$5,000 (net worth) (insolvency occurs when liabilities exceed the value of assets)
|In order to determine net worth, you would create what kind of report?
|The value of items owned minus the amounts owed to others equals: