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Main purposes of personal financial statements

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Reference no: EM133072293

1. Learning Activity:

  • The Hamilton household has $145,000 in assets and $63,000 in liabilities. What is the family's net worth?
  • Jan Franks has liquid assets of $6,300 and monthly expenses of $2,100. Based on the liquidity ratio, she has  _____  months in which living expenses could be paid if an emergency arises.

2. Reflection on Learning:

  • What are the main purposes of personal financial statements? 
  • What does a personal balance sheet tell you about your financial situation?
  • How might financial ratios be used when planning and implementing financial activities?

Reference no: EM133072293

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