You Have a Current Balance Sheet with Liabilities of $50,000

question 49

Multiple Choice

You have a current balance sheet with liabilities of $50,000 and assets of $75,000.You estimate that you will have to purchase a new vehicle next year for $20,000.You believe you will be able to pay 20% down and can finance the remainder through your bank.If nothing else changes,your pro forma balance sheet will show assets of and liabilities of .

• A)$95,000;$66,000
• B)$91,000;$54,000
• C)$95,000;$70,000
• D)$91,000;$66,000

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Definitions:

Self-Actualization

A term used in psychology to describe the realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Spiritual Understanding

The recognition and integration of beliefs, practices, and experiences that pertain to the meaning, purpose, and connection with something greater than oneself.

Erik Erikson

A developmental psychologist and psychoanalyst known for his theory on the psychological development of human beings, which outlines eight stages from infancy to adulthood.

Self-Actualization

The process of realizing and fulfilling one's talents and potentialities, considered to be the ultimate goal of personal development.