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15
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Give your definition of a business.
Economic activity intended to produce profit.
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15
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What are the usual consequences of non-sufficient funds situation?
Substantial fees, imposed by the bank, and damage to your credit score.
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15
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What do you do to endorse a check?
You sign it on the back.
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15
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Jack and Jill file tax return jointly. Standard deduction is $24,800, itemized deduction $32,000. Which number should they use on their tax return?
They should use their itemized deduction, because it is larger of the two.
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15
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Do you have to file tax return regardless of your income?
No, if you have no income, you don't file.
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monster
Reset all scores!
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gold
Win 50 points!
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fairy
Take points!
5
10
15
20
25
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baam
Lose 20 points!
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15
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What can be done to avoid non-sufficient funds situation?
Checking your bank balance regularly, and reconciling your checkbook to your bank statement.
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15
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What does NSF acronym stand for?
Non-Sufficient-Funds
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heart
Other team wins 25 points!
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gift
Win 15 points!
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shark
Other team loses 10 points!
Okay!
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banana
Go to last place!
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15
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What happens when the check is bounced?
The check is rejected by the bank because of not enough money in the account to cover it.
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15
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Is an oral,verbal business contract binding?
Yes, it is binding.
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15
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Which items must be included in your monthly budget?
Recurring expenses and revenues (happening on a regular basis).
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15
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What is bank reconciliation in your own words?
A process of making sure that your checkbook balance and your bank balance agree to each other (non necessarily equal).
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boom
Lose 50 points!
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rocket
Go to first place!
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shark
Other team loses 25 points!
Okay!
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lifesaver
Give 15 points!
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15
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What is the third party check?
It's a check which you give to somebody after endorsement.
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15
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What is the difference between tangible and intangible assets?
Tangible you can see, touch, move. Intangible- non-material, invisible.
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