Modified True or False. Write True if the statement is correct. If not, write False and state your reasons briefly. 1. The objective of personal finance is similar to that of corporate or business finance. 2. Recording of business transactions is required in business finance but not in personal finance. 3. The first step in personal finance planning is setting personal goals and objectives.
Modified True or False. Write True if the statement is correct. If not, write False and state your reasons briefly. 1. The objective of personal finance is similar to that of corporate or business finance. 2. Recording of business transactions is required in business finance but not in personal finance. 3. The first step in personal finance planning is setting personal goals and objectives.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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II. Modified True or False. Write True if the statement is correct. If not, write False and state your reasons briefly.
1. The objective of personal finance is similar to that of corporate or business finance.
2. Recording of business transactions is required in business finance but not in personal finance.
3. The first step in personal finance planning is setting personal goals and objectives.
4. There is no distinct difference between personal goals and personal objectives.
5. The personal net worth of a person or a family is reflected in the personal income statement.
6. The personal balance sheets is usually prepared in using the accrual approach or a basis.
7. Personal budget is a personal financial plan that has been expressed quantitatively.
8. When preparing the personal budgeted income statement for a particular month, only personal expenses must be included.
9. During the monitoring or evaluation stage of the personal financial planning, adjustments are made on the projected amounts.
10. Personal savings, spending, and investing activities are interrelated.
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