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Management of Human Wealth & Well-being Lecture 1 Quiz

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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?

Building income streams that exceed expenses Signup and view all the answers

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

Credit card debts Signup and view all the answers

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

Contributing to reserves for long-term growth Signup and view all the answers

Which of the following is not typically considered an expense?

Investments in mutual funds Signup and view all the answers

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

Safeguard accumulated assets Signup and view all the answers

Why are liabilities important in personal finance?

They are financial debts owed to others. Signup and view all the answers

What distinguishes assets from liabilities in personal finance?

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