What are the twotypes of personal
financial statements
discussed in this
module? Describe the
benefits of creating
and using personal
financial statements
and, in your own
words, explain the
steps for creating
each type of personal
financial statement. A
benefit to making
personal financial
statements is

Answers

Answer 1

Answer:

Answer:

The two main types are personal balance sheets and cash flow statements.

One, a personal balance sheet is an assessment of what you own and what you owe. It's important to know where you stand financially, and a personal balance sheet gives an individual a financial outlook. The steps include, listing your assets (valuable items and their values). Then, list any debt, liabilities, or any amounts of money you owe. Lastly, find your net worth by subtracting your liabilities from your assets.

Two, a cash flow statement is a record of income and expenditures during a given time period. It's important to know your cash flow to see if you have a surplus of cash that could possibly be invested. To create a cash flow statement, first record any income or money you receive. Next record any expenditures (spending). Lastly, subtract your expenditures from your income to find your cash flow for a specific time period.

Answer 2

Answer:

Answer:

The two types of personal financial statements are the personal cash flow statement and the personal balance sheet. ... A personal balance sheet summarizes your assets and liabilities in order to calculate your net worth.

Explanation:

Related Questions

On November 1, Year 2, Smith Co. contracted to dispose of an industry segment on February 28, Year 3. Throughout Year 2, the segment had operating losses. These losses were expected to continue until the segment's disposition. Which of the following losses should be included in discontinued operations reported in Smith's Year 2 income statement?I. Operating losses for the period January 1 to October 31, Year 1.II. Operating losses for the period November 1 to December 31, Year 1.III. Estimated operating losses for the period January 1 to February 28, Year 2.a. II and III only.b. I and II only.c. II only.d. I and III only.
Andy’s business is not able to pay its debts, and the prospects for its finances to improve are slim. Andy decides not to continue the business. In this case, Andy should file a voluntary petition for which type of bankruptcy?a. Chapter 7.b. Chapter 11.c. Chapter 13.d. Chapter 12.
The term " twenty past four " is sometimes used in what ?
What is one of the advantages of buying an existing business?
The strategy of convincing a customer to buy a higher-priced item than he or she had originally intended is called

As a homeowner under the jurisdiction of a homeowners' association (HOA), it is safe to assume that A. the HOA does not affect decisions you make about your own property. B. you do not have to pay HOA dues. C. it's best to consult the HOA before planning a remodeling project. D. the HOA cannot enforce deed restrictions.

Answers

The best and most correct answer among the choices provided by the question is the third choice. It is safe to assume when you consult the HOA before planning a remodeling project. I hope my answer has come to your help. God bless and have a nice day ahead!

C. it's best to consult the HOA before planning a remodeling project.

On January 1, Bennett Corporation had retained earnings of $650,000. During the year, Bennett Corporation had the following selected transactions: declared cash dividends of $100,000; placed a restriction on retained earnings for a plant expansion of $50,000; earned net income of $400,000; and declared stock dividends of $50,000. The ending balance for retained earnings is:

Answers

Answer:

The ending balance for Retained Earnings is $850,000.

Explanation:

Statement of Retained Earnings

Retained Earnings balance at Start 650,000

Add: Net Income 400,000

Total Retained Earnings 1,050,000

Less: Declared Cash Dividends (100,000)

Restriction for plant expansion (50,000)

Declared Stock Dividend (50,000)

Retained Earnings at end 850,000

Answer:

retained earnings = $900,000

Explanation:

retained earning account:

beginning balance $650,000
+ net income $400,000
- cash dividends ($100,000)
- stock dividends ($50,000)
ending balance $900,000

The corporation also set a restriction on retained earnings ($50,000), but it hasn't used the money yet for the plant expansion. Only after the money is spent will retain earnings decrease by that amount.

A monopolist will find that its marginal revenue curve Grupo de opciones de respuesta Lies below its demand curve and has the same slope as its demand curve. Lies above its demand curve and is flatter than its demand curve. Is the same as its demand curve. Lies below its demand curve and is steeper than its demand curve.

Answers

Answer:

Lies below its demand curve and is steeper than its demand curve.

Explanation:

The marginal revenue curve for a monopolist lies below the demand curve because of the quantity effect. The quantity effect refers to the fact that even a monopolist must lower its price if it wants to sell a larger quantity of goods or services.

The slope of the marginal revenue curve is steeper than the demand curve because it reflects the market power of the monopolist. Instead, the marginal revenue curve for a perfectly competitive firm (with 0 market power) is horizontal or perfectly elastic.

Which payment method typically charges the highest interest rates?Which payment method typically charges the highest interest rates?

Answers

I would say that using a credit card would charge a higher interest.

Final answer:

Credit cards typically charge the highest interest rates.

Explanation:

The payment method that typically charges the highest interest rates is credit cards. Credit cards can have very high-interest rates, typically ranging from 15% to 25%. This means that if you carry a balance on your credit card, you could end up paying a significant amount of interest.

For example, if you have a credit card with an interest rate of 20% and you have a balance of $1,000, you would be charged $200 in interest over a year if you don't pay off the balance.

It's important to be aware of the interest rates associated with different payment methods and make sure to pay off credit card balances as soon as possible to avoid costly interest charges.

Learn more about Credit cards here:

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1. Which of the following types of relationships exists when a person hires another person to perform some form of physical service but does not authorize that person to enter into contracts on his or her behalf? A) employer-employee relationship
B) employer-agent relationship
C) principal-third party relationship
D) principal-agent relationship

Answers

Answer:

the best answer i can find here is A

Insurance is a financial service that allows aconsumer to transfer all risk to a company.
company to control finances for a consumer.
consumer to share liability with a company.
company to maximize risk for a consumer.

Answers

Insurance is a financial service that allows a consumer to share liability with a company.

What is insurance?

Insurance can be defined as an insurance coverage that help to cover costs incase of unforeseen circumstance thereby saving cost.

Insurance company makes it possible for consumer that are under an insurance coverage to share liability with a company incase of unforeseen circumstance.

Inconclusion Insurance is a financial service that allows a consumer to share liability with a company.

Learn more about insurance here:brainly.com/question/25855858

Answer:

Explanation:

Other Questions

You earn $1,166 gross taxable income every week, and have claimed no exemptions. Assuming that you have no other sources of income, what is the amount of income tax withheld each week? a. $323 b. $337 c. $340 d. $344 Please select the best answer from the choices provided A B C D

Debt management ratios measurea. how effectively a company is using its cash. b. how well a company is using debt versus equity position. c. a company’s ability to earn profit. d. a company’s ability to meet payable obligations.

Bobby consumes only chocolate and vanilla ice cream and he is spending all of his income. For the last scoop of chocolate and vanilla ice cream that he bought, his marginal utility of chocolate is 100 and his marginal utility of vanilla is 250, and the price of chocolate is $1.00 per scoop and the price of vanilla is $2.00 per scoop. Bobby would maximize his utility by_____________________________________ ice cream. Assume that Bobby could buy any fraction of a scoop of (e.g., he could buy ½ scoop) of ice cream (continuous in quantity).A. only purchasing vanilla ice cream, but no chocolateB. purchasing more chocolate and less vanillaC. purchasing more vanilla and less chocolateD. not changing his purchases of chocolate and vanillaE. only purchasing chocolate ice cream, but no vanilla

Which of the following best describes the relationship between factory owners in the North and people in the South during the late 1800s?a. Northern factory owners depended on the South for factory workers to produce goods. b. Northern factory owners depended on resources supplied by Southerners to maintain production. c. The South supplied large amounts of money Northern factory owners needed to expand production. d. People in the South did not support Northern factory owners because the boom ...