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ABA CTFA Exam Practice Questions (P. 4)

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Question #31
It is a measure of inflation based on changes in consumer goods and services:
  1. A
    Consumer price Index
  2. B
    Customer price Index
  3. C
    Market rate Index
  4. D
    Market value

Correct Answer:
A

Question #32
Inflation is a vital concern to financial planning. It affects not only what we pay for our goods and services but also what we earn in our jobs. The amount of goods and services each dollar buys at a given time is:
  1. A
    Purchasing power
  2. B
    Seller's demand
  3. C
    Market value
  4. D
    Sales purchase difference

Correct Answer:
A

Question #33
Balance sheet and income statements that serve as essential planning tools for developing and monitoring personal financial plans may be referred as:
  1. A
    Personal financial statements
  2. B
    Legal financial statements
  3. C
    Illegal financial statements
  4. D
    Company profile

Correct Answer:
A

Question #34
It's a detailed financial report that looks forward, based on expected income and expenses.
  1. A
    Balance sheet
  2. B
    Income Statement
  3. C
    Budget
  4. D
    Equity turnover

Correct Answer:
C

Question #35
The actual value of an asset, or the price of an asset, or the price for which it can reasonably be expected to sell in the open market is its:
  1. A
    Actual price
  2. B
    Book value
  3. C
    Depreciation amount
  4. D
    Fair market value

Correct Answer:
D

Question #36
Tangible assets that are immovable: land and anything fixed to it, such as a house is a person's:
  1. A
    Investment
  2. B
    Real property
  3. C
    Liability
  4. D
    Open credit obligation

Correct Answer:
B

Question #37
It is actually a method of preparing financial statements in which only transactions involving actual cash outlays are recorded.
  1. A
    Cash basis
  2. B
    Expense
  3. C
    Equity
  4. D
    Cash deficit

Correct Answer:
A

Question #38
An excess amount of expense over income resulting in insufficient funds as well as in decreased net value is called:
  1. A
    Cash deficit
  2. B
    Limited Liability
  3. C
    Cash basis
  4. D
    Net worth

Correct Answer:
A

Question #39
Total liquid assets divided by total current debts; measures the ability to pay current debts. It is:
  1. A
    Solvency ratio
  2. B
    Liquidity ratio
  3. C
    Savings ratio
  4. D
    Debt service ratio

Correct Answer:
B

Question #40
Total net worth divided by total assets; measures the degree of exposure to insolvency is:
  1. A
    Solvency ratio
  2. B
    Liquidity ratio
  3. C
    Savings ratio
  4. D
    Debt service ratio

Correct Answer:
A

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