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Which of the following would most likely be considered a contractual expense? (2.04)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
Which should be recorded as expenses? (2.04)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
Brett is creating a Statement of Financial Position and needs to list his assets. Which of the following should he NOT list as an asset? (2.03)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
To calculate her net worth Jordyn should use the following formula: (2.03)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
If expenses were to exceed income on a spending plan, what would be a financially smart solution? (2.05)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
A key difference between commercial banks and credit unions is that: (2.01)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
Amanda and Marcus just finished their Income and Expense Statement for last month. They discovered that they have a net gain. What does this mean and what should they do? (2.04)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
Common fees that may be charged by a depository institution include all EXCEPT: (2.01)
Taxes deducted from his paycheck, money saved from his paycheck for emergencies, and his car insurance
Late fee
Cell Phone
Commercial banks are ‘for‐profit’ and credit unions are ‘not‐for‐profit’
Decrease expenses
Money in the paycheck he will receive next week
Assets – liabilities = net worth
They are earning more than they are spending. They could put more money in savings and/or spend it on other expenses.
Check it!