Shared Flashcard Set

Details

Unit 8
na
14
Business
11th Grade
12/19/2013

Additional Business Flashcards

 


 

Cards

Term
$675
Definition
During the summer months a student spends $300 on trips, was given $400 from a grandparent, paid $200 in gas, spent $175 dining out, and earned $3,200 at their summer job. What are this student's total expenses?
Term
Income $1,800 Expenses $800 Net Gain $1,000
Definition
During this month Melissa earned $500 in tips, spent $250 on food, paid rent of $350, spent $100 on utilities, received a gift of $300, made $1,000 in wages, and spent $100 on gas. Which is an accurate summary of Melissa's income, expenses, and net gain/loss?
Term
Income $1,800 Expenses $800 Net Gain $1,000
Definition
During this month Melissa earned $500 in tips, spent $250 on food, paid rent of $350, spent $100 on utilities, received a gift of $300, made $1,000 in wages, and spent $100 on gas. Which is an accurate summary of Melissa's income, expenses, and net gain/loss?
Term
Make realistic estimates for income and expenses
Definition
If an engineer set up a weekly spending plan and had columns reserved in a spreadsheet for income and expense items, which step of the spending plan process will need to be done next?
Term
Evaluate how well the spending plan is working
Definition
If a teenager used the envelope system to track their income and expenditures as a class project, what is the next step in the spending plan process?
Term
Organize recordkeeping format
Definition
After Amanda pledged to give $300 by the holiday season to her local food bank, what step in the spending plan process is next for Amanda?
Term
asset
Definition
If a student has $1,000 in savings, how should they record it on their balance sheet?
Term
liability
Definition
How is a debt to a relative recorded on a balance sheet?
Term
balance sheet
Definition
When the club finishes listing their goals and needs for the year to determine the account's net worth, they should then prepare what?
Term
Craig paid more for his stocks with a lower ris
Definition
After Amy purchased penny stocks and Craig blue chip stocks, which of the following is true.
Term
Rule of 72
Definition
If a student calculated taking 30 years to double money they invested in a savings fund, what rule for saving/investing does this best represent?
Term
People save so they can pay for unexpected expenses, investment is for profit
Definition
How are savings and investments different?
Term
Both may be used to help meet financial goals
Definition
What are common to saving and investing?
Term
Both are good ways to prepare for future goals
Definition
What do savings and investing have in common?
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