17.
Among the intermediate-term goals for capital accumulation is having a fund for emergencies.
ANS: T
18.
DIF:
easy
REF: p. 83
Reducing the number of bank and credit accounts that each partner brings into the marriage can save money on account fees.
ANS: T
19.
PTS: 1
PTS: 1
DIF:
moderate
REF: p. 69
A balance sheet describes an individual’s financial progress over a period of time, generally a year.
ANS: F a balance sheet shows an individual’s financial status on a specified date.
PTS: 1
20.
moderate
REF: p. 69
A cash-flow statement summarizes transactions that have taken place over a specific period of time.
ANS: T
21.
DIF:
PTS: 1
DIF:
moderate
REF: p. 69
Monetary assets include cash and near-cash items that can be readily converted to cash.
ANS: T
PTS: 1
DIF:
easy
REF: p. 70
