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AAMS - Module 1 exam questions with complete solutions 2024.
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AAMS - Module 1 exam questions with complete solutions 2024.
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AAMS - Module 1 exam questions withcomplete solutions 2024
assets j- jANS✓✓-things jthe jclient jowns j(even jif jnot jfully jpaid jfor)
cash/cash jequivalents(8): janything jthat jcan jbe jtransformed jquickly jinto jcash
jwith jlittle jor jno jloss jof jprincipal, jand jwith jsmall jor jno jtransaction jcosts j-
jANS✓✓-bank jsavings
checking jaccounts
CDs
treasury jbills
US jsavings jbonds
money jmarket jmutual jfunds
money jmarket jdeposit jaccounts
commercial jpaper
(etc)
invested jassets(9) j- jANS✓✓-retirement jaccount jbalances
partnership jinterests
ownership jof jstock jin jclosely jheld jcorporations
stocks
bonds
mutual jfunds
growth jfund
401(k) jplans
rental jhouse
(etc)
use jassets(4): jassets jused jin jthe jcourse jof jdaily jliving j- jANS✓✓-automobiles
homes
boats
personal jproperty
(etc)
liabilities(4): jwhat jthe jclients jowes j- jANS✓✓-credit jcards
bank jloans
mortgages
notes
(etc)
, net jworth j(formula): jwhat jthe jclient jwould jhave jif jall jassets jwere jconverted jto
jcash jat jthe jfair jmarket jvalue jlisted jand jthen jused jto jpay joff jall joutstanding
jdebts j- jANS✓✓-assets j- jliabilities j= jnet jworth
income jstatement jaka jstatement jof jcash jflows j(formula): jlists jsources jof
jincome jand jexpenses, jwith jthe jdifference jbetween jthe jtwo jresulting jin ja
jsurplus jor jdeficit. jThe jincome jstatement jcovers ja jspecific jperiod jof jtime,
jtypically ja jyear. j- jANS✓✓-gross jincome j- jexpenses j= jsurplus j(deficit)
gross jincome(4): jall jcash jflows jinto jthe jhousehold j(on jincome jstatement) j-
jANS✓✓-gross jsalaries jand jwages
dividends
interest
misc jinflows j(tax jrefunds, jfinancial jgifts jreceived)
(etc)
expenses(4+): j(on jincome jstatement) j- jANS✓✓-mortgages
other jloan jpayments
insurance jpayments
costs j(for jclothing, jfood, jvacations, jtaxes, jutilities, jcable, jinternet, jcell jphone
jand jdata jservice, jsavings jand jinvestments, jetc).
(etc)
employee jbenefits(4) j- jANS✓✓-participation jin jemployee jstock jownership jplan
employee jgroup jbenefit jplans
incentive jstock joptions
participation jin ja jthrift jor jdeferred jsalary jplan
(etc)
retirement jplanning jdata(): j- jANS✓✓-employee-sponsored jplans
other jretirement jaccounts
current jinvested jassets
pension jplans
(etc)
foundation jgoals(4): jmost jbasic jneeds j- jANS✓✓-food
shelter
emergency jfund
insurance jcoverage
lifestyle jgoals(3) j- jANS✓✓-college jfunding
retirement
mortgage jpayoff
(etc)
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