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Give your definition of a business.
Economic activity intended to produce profit.
What is the difference between tangible and intangible assets?
Tangible you can see, touch, move. Intangible- non-material, invisible.
Give an example of a tangible asset.
building, car, computer, furniture, cash
Give an example of an intangible asset.
Goodwill (reputation), brand names, trademarks, licences, patents
Lincoln Literacy is a non-profit organization. Can it be considered a business?
No, because it makes no profit.
What does American government tax, your wealth or your income?
Your income.
Do you have to file tax return regardless of your income?
No, if you have no income, you don't file.
Is an oral,verbal business contract binding?
Yes, it is binding.
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.
Bob and Mary file tax return jointly. Standard deduction is $24,800, itemized deduction $15,500. Which number should they use on their tax return?
They should use their standard deduction, because it is larger of the two.
Does printing more money have any effect on inflation?
Yes, it increases overall inflation.
Borrowing money from a credit card company is considered what type of a loan?
This is unsecured loan without collateral.
What is the third party check?
It's a check which you give to somebody after endorsement.
What do you do to endorse a check?
You sign it on the back.
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.
What does NSF acronym stand for?
Non-Sufficient-Funds
