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Test Personal finance
Agenda
QUESTION 1: WHAT IS THE FIRST THING TO DO BEFORE STARTING A BUSINESS?
Identify the start-up costs of the business
Update your net worth and make a personal balance sheet
QUESTION 2: WHICH OF THESE IS AN ASSET?
Accounts receivable
Accounts payable
QUESTION 3: HOW IS A REAL ESTATE PROPERTY CONSIDERED?
An asset
A liability
QUESTION 4: WHY IS IT IMPORTANT TO HAVE A POSITIVE BALANCE SHEET BEFORE STARTING A BUSINESS?
In order to cover your business expenses
To cover debts or meet a contingency
QUESTION 5: SHOULD YOU INCLUDE YOUR SALARY IN THE FINANCIAL PROJECTION?
Of course it is
Not if I want to keep costs down
Yes, unless you have support to cover your personal expenses
None of the above
QUESTION 6: WHAT DO YOU LOOK FOR WHEN RECORDING YOUR PERSONAL MONTHLY EXPENSES BEFORE STARTING A BUSINESS?
The minimum monthly amount I need to cover my personal expenses
To have a better control of the money going out
QUESTION 7: WHAT IS A FIXED LIABILITY?
A mortgage
Rent receipts
QUESTION 8: WHAT IS A FIXED ASSET?
A bank account
A real estate property
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