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Questions and Answers
What are assets?
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?
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?
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?
What is the main focus of the 'Generating Positive Cash Flow' step?
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Which of the following is not an example of an asset?
Which of the following is not an example of an asset?
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What is the purpose of 'Accumulating Wealth' in the GAP Framework?
What is the purpose of 'Accumulating Wealth' in the GAP Framework?
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Which of the following is not typically considered an expense?
Which of the following is not typically considered an expense?
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What is the primary goal of 'Protecting Wealth' in the GAP Framework?
What is the primary goal of 'Protecting Wealth' in the GAP Framework?
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Why are liabilities important in personal finance?
Why are liabilities important in personal finance?
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What distinguishes assets from liabilities in personal finance?
What distinguishes assets from liabilities in personal finance?
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