Management of Human Wealth & Well-being Lecture 1 Quiz
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Questions and Answers

What are assets?

  • Goods and services that need to be paid for
  • Financial debts or obligations
  • Earnings from employment or investments
  • Resources with economic value owned by an individual (correct)

    • Which of the following is considered a liability?

  • Credit card debts (correct)
  • Earnings from employment
  • Utilities and groceries
  • Investments in stocks and bonds

    • What does the 'Protecting Wealth' step aim to do?

  • Safeguard accumulated assets (correct)
  • Increase financial expenses
  • Achieve personal goals
  • Create income streams

    • What is the main focus of the 'Generating Positive Cash Flow' step?

    <p>Building income streams that exceed expenses</p> Signup and view all the answers

    Which of the following is not an example of an asset?

    <p>Credit card debts</p> Signup and view all the answers

    What is the purpose of 'Accumulating Wealth' in the GAP Framework?

    <p>Contributing to reserves for long-term growth</p> Signup and view all the answers

    Which of the following is not typically considered an expense?

    <p>Investments in mutual funds</p> Signup and view all the answers

    What is the primary goal of 'Protecting Wealth' in the GAP Framework?

    <p>Safeguard accumulated assets</p> Signup and view all the answers

    Why are liabilities important in personal finance?

    <p>They are financial debts owed to others.</p> Signup and view all the answers

    What distinguishes assets from liabilities in personal finance?

    <p>Assets are resources owned with future benefits, liabilities are financial debts owed.</p> Signup and view all the answers

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