These statements are True or False? (Explanations are not needed)

1. A financial plan is an informal report that analyzes past financial decisions.
2. Borrowers is less likely to be harmed by inflation.
3. A budget is a record of how a person or family has spent their money.
4. A cash flow statement uses this equation: Assets - Liabilities = Net worth.
5. Checking account balance is a liquid asset.
6. The information gathered from your loan application and the credit bureau establishes your credit rating.
7. Consumer credit refers to the use of debit cards for personal needs.
8. Using the Rule of 72, with the value of land in an area is increasing 12.5 percent a year, it will take 5.8 years for property values to double.
9. Using the Rule of 72, at an annual interest rate of 5.75 percent, it will take 15 years for savings to double.
10. Purchasing a car is an example of a durable-product goal.
11. Opportunity costs refer to money already spent.
12. The problem of bankruptcy is associated with overuse and misuse of credit in the borrowing component of financial planning.