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15
×
Lincoln Literacy is a non-profit organization. Can it be considered a business?
No, because it makes no profit.
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Check
Okay!
Check
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thief
Give points!
5
10
15
20
25
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seesaw
Swap points!
Okay!
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fairy
Take points!
5
10
15
20
25
×
thief
Give points!
5
10
15
20
25
15
×
What is the difference between tangible and intangible assets?
Tangible you can see, touch, move. Intangible- non-material, invisible.
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Check
15
×
What factors affect your credit score and credit history?
Paying bills timely, not having large outstanding loans, avoiding non-sufficient funds situations.
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Check
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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Check
15
×
What do you do to endorse a check?
You sign it on the back.
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15
×
Give your definition of a business.
Economic activity intended to produce profit.
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15
×
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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Check
15
×
Give some examples of recurring expanses.
Rent, utility bills, mortgage payments, groceries.
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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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15
×
Give an example of a tangible asset.
building, car, computer, furniture, cash
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banana
Go to last place!
Oops!
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shark
Other team loses 25 points!
Okay!
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gift
Win 5 points!
Okay!
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lifesaver
Give 25 points!
Oops!
15
×
Is an oral,verbal business contract binding?
Yes, it is binding.
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Check
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lifesaver
Give 25 points!
Oops!
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rocket
Go to first place!
Okay!
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gift
Win 25 points!
Okay!
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lifesaver
Give 15 points!
Oops!
15
×
Borrowing money from a credit card company is considered what type of a loan?
This is unsecured loan without collateral.
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Check
15
×
Which items must be included in your monthly budget?
Recurring expenses and revenues (happening on a regular basis).
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