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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
Cengage Learning Testing, Powered by Cognero Page 1
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
Cengage Learning Testing, Powered by Cognero Page 2
Chapter 2—Using Financial Statements and Budgets
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
9. Investments are mostly intangible financial assets acquired to achieve long-term personal financial goals.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: PFIN.BILL.17.2-2 - LO: 2-2
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
10. The value of assets purchased on credit should be included on the asset side of your personal balance sheet.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
LEARNING OBJECTIVES: PFIN.BILL.17.2-2 - LO: 2-2
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
Cengage Learning Testing, Powered by Cognero Page 3
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