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AAMS 1 - The Asset Management Process Exam Questions And Answers
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AAMS 1 - The Asset Management Process Exam Questions And Answers
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AAMS 1 - The Asset ManagementProcess Exam Questions And Answers
Assets - correct answer ✅Assets are the things the client owns - even if
they are not fully paid for.
Liabilities - correct answer ✅Liabilities are what the client owes - on
credit cards, bank loans, mortgages, etc.
Net Worth formula - correct answer ✅Net Worth is a residual figure
determined by: Assets - Liabilities = Net Worth
Describe "Use Assets" - correct answer ✅Assets used in the course of
daily living: automobiles, homes, boats, personal property, etc
Another name for: Statement of Financial Position - correct answer
✅Balance Sheet - details a specific date
Another name for: Income Statement - correct answer ✅Cash Flow
Statement - details a period of time, typically a year
Income / Cash Flow Statement - correct answer ✅Lists sources of
income and expenses that covers a specific period of time, typically a
year.
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