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2.04 income and expense statment Flashcards | StudBud
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2.04 income and expense statment
2.04 income and expense statment
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StudBud Administration
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#personalfinance #group 2
Flashcards
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Questions
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Answers
1
a statement of income and expenses includes all the following except?
net gain or loss
gross income
income
expenses
2
what is unearned income?
sales or assests
intrest earned during a time period
money earned from investing during a time period
all the above
3
what is an example of an expense?
received income from government programs
food cost
Unearned income
Earned income
4
what is income?
money taken out
taxes owed
money received
your debt
5
summarizes transactions that have taken place over time is an income expense statement?
false
true
6
which of the following is a transportation cost?
snacks away from home
Automobile repairs and maintenance
Automobile insurance
housing payment
7
all the following are methods of tracking except?
money management software program
smartphone
recording in writing
keeping track in your head
8
a tracking method is a way to?
all the above
keep up with your income and expenses
keep up with money spent on food
keep up with expense
9
true or false, expense is money earned
false
true
10
all the following are an example of an expense except?
state income tax
Federal income tax
payroll taxes
paycheck money
11
what is one way to earn income
none of the above
spending money on food
paying medical expenses
wages and salary
12
a scholarship is a form of?
earned income
stocks
unearned income
educational expenses
13
what is gross income?
individual money losy
an individuals income earned as salary
individual money earned
individual money spent
14
How can an income and expense statement help you manage money?
limits the amount of money you can spend
helps you buy more
helps you evaluate past financial decisions
lets you know how much you can spend for the month
15
what is your future money management plan?
income and expense statement
Spending plan
none of the above
statement of financial position
