Question

The bottom line of James’s income statement shows a negative number. What does this mean? (1 point)
Responses
He entered the incorrect amount for his rent.
He is spending more money than he makes.
He is not contributing to his 401(k).
He spends $200 a month on clothes.
Answer
How can James free up more money to pay down his credit card debt? (1 point) Responses
He has to complete an income statements every month.
He has to cut back on other expenses.
He has to start contributing to his 401(k). He has to start contributing to his 401(k).
He has to pay less in rent each month.
Answer
What is a net worth statement?(1 point) Responses
It is a listing of what an individual owns minus what they owe.
It is an invoice.
It is a listing of an individual’s net income minus their expenses, calculated on a monthly basis.
It is a spending plan based on income and expenses
Answer
Which of the following may fall under the category of collateral?(1 point)
Responses
a credit card balance of $12,000
a high salary a high salary
an antique vase valued at $125,000
an antique vase valued at $125,000 a previous loan that was repaid in full
Answer
Which of the following is not one of the Three Cs?(1 point) Responses
capital
capacity
collateral
character
Answered by GPT 3.5
He is spending more money than he makes.
Answered by GPT 3.5
He has to cut back on other expenses.
Answered by GPT 3.5
It is a listing of what an individual owns minus what they owe.
Answered by GPT 3.5
an antique vase valued at $125,000 a previous loan that was repaid in full
Answered by GPT 3.5
capital