Share MONEY & ME TRIVIA: Credits and Taxes
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What is revenue?
Similar to income, money earned on regular basis.
What is the difference between earned income and investment income?
Earned income is something you work for. Investment income comes from sales of securities (stocks, bonds).
Give an example of assets.
cash, equipment, furniture, tools, buildings
Give example of liability.
mortgage, loan, account payable
What is the difference between a secured and non-secured loan?
A secured loan requires collateral, non-secured doesn't.
What constitutes default on a loan?
Default happens when you are unable to pay the loan back.
What is collateral?
Something you offer to secure a loan.
What does IRS stand for?
Internal Revenue Service
