Module 3 - Analyzing the Financial Data Flashcards
1
Q
What is an Asset Inventory?
A
Collection of financial data that includes information on assets and liabilities.
Key documents used are the Financial Affidavit and Asset and Liability Comparison worksheet.
2
Q
What does Debt refer to?
A
Services, money, or goods owed by one party to another.
3
Q
What is the Financial Affidavit?
A
Key document used to collect financial data; may be known as a ‘Financial Statement’ in some states and may use a standard form.
4
Q
What information is included in the Financial Affidavit?
A
- All income and deductions from income
- All living expenses
- All assets
- All liabilities
5
Q
True or False: The Financial Affidavit becomes part of the record of documents filed with the court.
A
True
