Exam (elaborations)
WGU D363 SECTION 1 LESSON 1.2 VOCAB AND CONCEPTS EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
- Course
- Institution
WGU D363 SECTION 1 LESSON 1.2 VOCAB AND CONCEPTS EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
[Show more]
Content preview
WGU D363 SECTION 1 LESSON 1.2 VOCAB AND CONCEPTS EXAM 2024/2025 WITH 100% ACCURATESOLUTIONS
Financial Statements - Precise Answer ✔✔Snapshots that describe an individual's or family's current
financial condition.
What are the most useful statements? - Precise Answer ✔✔The balance sheet and cash-flow statement.
Balance Sheet - Precise Answer ✔✔Snapshot of assets, liabilities, and net worth on a particular date.
Also called a net worth statement
What question does a balance sheet answer? - Precise Answer ✔✔Where are you financially right now?
Cash-Flow Statement - Precise Answer ✔✔Summary of all income expense transactions over a specific
time period.
What question does a cash-flow statement answer? - Precise Answer ✔✔Where did your money go?
Net worth - Precise Answer ✔✔What's left when you subtract liabilities from assets.
Which statement do you get your net worth from? - Precise Answer ✔✔Your balance sheet.
How many times should you update your financial statements? - Precise Answer ✔✔At least once each
year.
Should you keep your old financial statements? - Precise Answer ✔✔Yes so you can assess you progress
over the years.
Assets - Precise Answer ✔✔Everything you own that has monetary value.
, Liabilities - Precise Answer ✔✔What you owe.
What is the equation on how you get your net worth? - Precise Answer ✔✔Assets - Liabilities = Net
Worth
How are your assets valued on a balance sheet? - Precise Answer ✔✔By fair market value
Fair Market Value - Precise Answer ✔✔The amount a willing buyer would pay a willing seller for an item.
Does buying at a fair market value mean that they'll purchase the asset at the price the buyer originally
paid for? - Precise Answer ✔✔No. This means that they will buy it what it might be worth today. Not
when the original person bought it for what it could be worth a year from now.
How do you clarify assets? - Precise Answer ✔✔As monetary, tangible, or investment
Monetary assets - Precise Answer ✔✔Assets that can be easily converted to cash. Also known as liquid
assets.
What is an example of a monetary asset? - Precise Answer ✔✔Cash and low-risk near-cash items than
can be converted into cash.
What are monetary assets used primarily for? - Precise Answer ✔✔For maintenance of living expenses,
emergencies, savings, and payment of bills.
What are examples of Monetary Assets? - Precise Answer ✔✔Cash, Tax refunds due, and money owed
to you by others
Tangible Assets - Precise Answer ✔✔Personal property easily converted to maintain your everyday
lifestyle. Also called use or lifestyle assets.
What is the primary purpose of Tangible Assets? - Precise Answer ✔✔Used to provide maintenance of
one's everyday lifestyle.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller YANCHY. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now