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About this item

1. A personal balance sheet shows your financial condition as of the time the statement is prepared.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

2. A balance sheet is like a photograph of your financial condition, while an income and expense statement is like a motion picture.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

3. The income and expense statement looks forward in time, while a budget is backward looking.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Challenging
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

4. The income and expense statement provides a measure of financial performance over a period of time.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

5. Personal financial statements help you identify potential financial problems.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

6. Approximately 50 percent of Americans prepare a detailed household budget.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

7. A budget is a detailed statement of what income and expenses occurred over a past period.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

About this item

1. A personal balance sheet shows your financial condition as of the time the statement is prepared.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

2. A balance sheet is like a photograph of your financial condition, while an income and expense statement is like a motion picture.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

3. The income and expense statement looks forward in time, while a budget is backward looking.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Challenging
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

4. The income and expense statement provides a measure of financial performance over a period of time.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

5. Personal financial statements help you identify potential financial problems.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

6. Approximately 50 percent of Americans prepare a detailed household budget.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

7. A budget is a detailed statement of what income and expenses occurred over a past period.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

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About this item

1. A personal balance sheet shows your financial condition as of the time the statement is prepared.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

2. A balance sheet is like a photograph of your financial condition, while an income and expense statement is like a motion picture.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

3. The income and expense statement looks forward in time, while a budget is backward looking.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Challenging
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

4. The income and expense statement provides a measure of financial performance over a period of time.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

5. Personal financial statements help you identify potential financial problems.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

6. Approximately 50 percent of Americans prepare a detailed household budget.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

7. A budget is a detailed statement of what income and expenses occurred over a past period.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

About this item

1. A personal balance sheet shows your financial condition as of the time the statement is prepared.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

2. A balance sheet is like a photograph of your financial condition, while an income and expense statement is like a motion picture.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

3. The income and expense statement looks forward in time, while a budget is backward looking.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Challenging
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

4. The income and expense statement provides a measure of financial performance over a period of time.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Remembering

5. Personal financial statements help you identify potential financial problems.

	a.	True
	b.	False

ANSWER:	True
POINTS:	1
DIFFICULTY:	Easy
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

6. Approximately 50 percent of Americans prepare a detailed household budget.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

7. A budget is a detailed statement of what income and expenses occurred over a past period.

	a.	True
	b.	False

ANSWER:	False
POINTS:	1
DIFFICULTY:	Moderate
LEARNING OBJECTIVES:	PFIN.BILL.17.2-1 - LO: 2-1
NATIONAL STANDARDS:	United States - BUSPROG: Analytic skills - BUSPROG: Analytical skills
STATE STANDARDS:	United States - AK - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows United States - KS - DISC: Financial Analysis and Cas - DISC: Financial Analysis and Cash Flows
KEYWORDS:	Bloom's: Understanding

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