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Which one calculates Net Worth? Income - Expenses Liabilities + Assets Assets - Liabilities Assets – Net Worth

Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

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Page 1: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Which one calculates Net Worth?

Income - Expenses Liabilities + Assets Assets - Liabilities Assets – Net Worth

Page 2: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Which one is not liability ?

Credit Card bill Car Loan Mortgage Home

Page 3: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Which is not an Asset ?

Jewelry Credit card bill Furniture Computer

Page 4: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

A Net Worth Report consists of what ?

Income and Expenses Time Frames Assets and Liabilities Goals

Page 5: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

A financial document that analyzes net worth:

Income Statement Balance Sheet Spending plan

Page 6: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

A financial document that calculates if you are operating at a net profit or a net loss:

Income Statement Balance Sheet Spending plan

Page 7: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

A financial document that looks into the future and estimates spending:

Income Statement Balance Sheet Spending plan

Page 8: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

A long term goal is set for ?

Next Month 1 Year Next week 5 Years or more

Page 9: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Goals must be ?

Short term. Happy Reasonable Complex

Page 10: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

An income statement is analyzed:

Weekly Monthly Daily yearly

Page 11: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

An example of a fixed expense is a:

Cell phone bill Utilities bill Mortgage Food bill

Page 12: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

How do you determine the quality of life you want?

Values, needs, wants, and financial goals

Page 13: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Open your Balance Sheet and Income Statement you created in Excel

File, save as “financial statements review” (a new doc. Is now created)

Update the amounts:

Page 14: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Balance Sheet amounts: ASSETS: Cash on hand:5000 Checking account:1800 Savings account:3000 Personal property:1200 Car #1 (paid in full):8000 LIABILITIES: Car #2 (loan): 12000 Student Loan:25000 Credit Card:800

Page 15: Which one calculates Net Worth? Income - Expenses Income - Expenses Liabilities + Assets Liabilities + Assets Assets - Liabilities Assets - Liabilities

Income Statement amounts for September: INCOME: (your salary is $28,000 / year) Wages:__________(=36,000 / 12) 12 months a year (entry-level teaching salary Monetary Gifts: 50 EXPENESES: Fixed: Savings per month: calculate 10% of your wages Mortgage (or rent): you live at home, pay $75 a month Graduate School tuition: $0, you receive tuition reimbursement from your work Car insurance: 175 Taxes (28% of wages): you calculate Variable: Telephone: 0 Utilities (water, electric): 25 Gas for car: 60 Telephone / Cell: 55 Car maintenance / repairs: 50 Entertainment: 100 Clothing: 75 Personal Care: 35 Food: 50

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