POB - Chapters 17, 18, 19 review

Question 1

Daniel makes $40,000 in capital gains this year through stock investments. This is considered

Accepted Answer

unearned income

Question 2

Process used by individuals to manage limited income to meet personal unlimited needs and wants

Accepted Answer

personal financial management

Question 3

When a check is written for an amount greater than the balance of the account.

Accepted Answer

overdraft

Question 4

A type of account that lets you withdraw and deposit funds and provides a small interest return

Accepted Answer

savings account

Question 5

A ______ reports revenues and expenses for a given time period.

Accepted Answer

income statement

Question 6

Cash or any asset that will be exchanged for cash or used within one year is a(n) _____

Accepted Answer

current asset

Question 7

Taxes paid by the employee and the employer for Social Security and Medicare programs.

Accepted Answer

FICA Taxes

Question 8

Allows banking transactions through an app.

Accepted Answer

mobile banking

Question 9

Personal retirement investment account created by a person.

Accepted Answer

IRA

Question 10

A company has $300 in liabilities and $200 in shareholder equity. What are the assets?

Accepted Answer

$500

Question 11

Provides a better picture of the net worth of a company then just revenue, expense, and profit.

Accepted Answer

balance sheet

Question 12

Consists of the assets and liabilities a person leaves when he or she dies

Accepted Answer

estate

Question 13

Te'ana receives a check from Javier. What must she do first in order to deposit it?

Accepted Answer

endorse the back

Question 14

A portion of corporate earnings paid back to stockholders instead of being reinvested.

Accepted Answer

dividend

Question 15

Yesterday a business has $300 in sales and has $200 in costs. What is the revenue?

Accepted Answer

$300

Question 16

Eliana is good at using a variety of investments to spread out risk. She is using what concept?

Accepted Answer

diversification

Question 17

Retirement account in which contributions are taxed and qualified withdrawals are tax exempt.

Accepted Answer

Roth IRA

Question 18

Which of the following is an example of a variable cost/expense?

Accepted Answer

Cost of Goods

Question 19

The amount paid for working beyond the 40-hour work week is _____.

Accepted Answer

overtime wage

Question 20

Investment created by pooling money from investors & investing it in a collection of securities

Accepted Answer

mutual fund

Question 21

Which of the following is a basic step in the budget process?

Accepted Answer

all of the above

Question 22

System of recording business transactions and analyzing, verifying, and reporting the results.

Accepted Answer

accounting

Question 23

The amount of income earned before taxes and other deductions is ____.

Accepted Answer

gross pay

Question 24

At these machines you can use a debit card to withdraw funds, check balance, and make deposits.

Accepted Answer

ATM (Automated Teller Machine)

Question 25

A good baseline amount of income to save for retirement after you start working.

Accepted Answer

15%

Question 26

Wage and Tax Statement that shows earnings as well as tax deductions withheld during the year.

Accepted Answer

Form W-2

Question 27

Period of time when a business summarizes accounting information and preps financial statements

Accepted Answer

fiscal period

Question 28

Refers to how easy it is to convert an asset to cash without losing value.

Accepted Answer

liquidity

Question 29

The accounting equation is _____.

Accepted Answer

assets = liabilities + owner’s equity

Question 30

When you set up one of these you will get a debit card and be able to withdraw/deposit funds.

Accepted Answer

checking account

POB - Chapters 17, 18, 19 review

Questions 30

POB - Chapters 17, 18, 19 review

Questions 30