1. When your assets exceed your liabilities, you are
insolvent
solvent
unable to meet your financial targets
in financial distress
2. Which of the following is true of budgets?
Budgets describe a person’s financial goals over a specific period of time.
Budgets are historical documents that tell an individual how he or she has performed in the past.
Budgets measure a person’s financial performance at a given point in time.
Budgets describe a person’s financial position at a given point in time.
Budgets are detailed forward looking financial reports based on expected income and expenses.