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Financial planning is only for the rich
17. Among the intermediate-term goals for capital accumulation is having a fund for emergencies.
ANS: T PTS: 1 DIF: easy REF: p. 83
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18. Reducing the number of bank and credit accounts that each partner brings into the marriage can save money on account fees.
ANS: T PTS: 1 DIF: moderate REF: p. 69
19. 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 DIF: moderate REF: p. 69
20. A cash-flow statement summarizes transactions that have taken place over a specific period of time.
ANS: T PTS: 1 DIF: moderate REF: p. 69
21. Monetary assets include cash and near-cash items that can be readily converted to cash.
ANS: T PTS: 1 DIF: easy REF: p. 70
