question 1 (100 points)\nmatch correct term with appropriate description\ncolumn a\n1. budget\n2. forecast…

question 1 (100 points)\nmatch correct term with appropriate description\ncolumn a\n1. budget\n2. forecast error\n3. personal balance sheet\n4. assets\n5. liquid assets\n6. household assets\n7. market value\n8. liabilities\n9. net worth\n10. current liabilities\ncolumn b\na. items of value that a person owns\nb. the difference between what you forecast to happen and what actually happens\nc. financial assets that are either cash or can be quickly and easily converted to cash without significant loss of value\nd. forecast of future cash inflows and outflows\ne. a financial statement tells your financial position at a specific point in time\nf. what something would be worth if you sold it today\ng. assets - liabilities\nh. represent the amount of debt a person owes\ni. assets typically owned by a household\nj. debts that must be paid off within one year

question 1 (100 points)\nmatch correct term with appropriate description\ncolumn a\n1. budget\n2. forecast error\n3. personal balance sheet\n4. assets\n5. liquid assets\n6. household assets\n7. market value\n8. liabilities\n9. net worth\n10. current liabilities\ncolumn b\na. items of value that a person owns\nb. the difference between what you forecast to happen and what actually happens\nc. financial assets that are either cash or can be quickly and easily converted to cash without significant loss of value\nd. forecast of future cash inflows and outflows\ne. a financial statement tells your financial position at a specific point in time\nf. what something would be worth if you sold it today\ng. assets - liabilities\nh. represent the amount of debt a person owes\ni. assets typically owned by a household\nj. debts that must be paid off within one year

Answer

Brief Explanations:

  1. A budget is a forecast of future cash inflows and outflows, so it matches with d.
  2. Forecast error is the difference between what you forecast to happen and what actually happens, which is b.
  3. A personal balance - sheet is a financial statement that tells your financial position at a specific point in time, so it matches with e.
  4. Assets are items of value that a person owns, so it matches with a.
  5. Liquid assets are financial assets that are either cash or can be quickly and easily converted to cash without significant loss of value, so it matches with c.
  6. Household assets are assets typically owned by a household, so it matches with i.
  7. Market value is what something would be worth if you sold it today, so it matches with f.
  8. Liabilities represent the amount of debt a person owes, so it matches with h.
  9. Net worth is assets - liabilities, so it matches with g.
  10. Current liabilities are debts that must be paid off within one year, so it matches with j.

Answer:

  1. d
  2. b
  3. e
  4. a
  5. c
  6. i
  7. f
  8. h
  9. g
  10. j