8. The first step in the budgeting process is: a) Organizing b) Setting a financial goals c) Decision making d) Evaluation Your mortgage or rent payment is part of your a) Fixed Assets. b) Current Assets c) Fixed Expenses, d) Variable Expenses. 9. 10. Write in a proper format the items that are included in your balance sheet? 11. Assume he following information is obtained from your income statement: Salary. es.... Expenses.. Calculate: a) Surplus/deficit, b) the saving ratio $20,000 $2,000 $8,000 12. Suppose the following data included in your balance sheet: Current assets.. $4,500 $15,500 Fixed/long term assets... Current liabilities/short term liabilities... Long-term liabilities.. $1,500 ...$7,000 Calculate: a) Total assets, b) Total liabilities c) Your net d) worth From the data in problem 12 calculate: a) The solvency ratio, b) The liquidity ratio