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MONEY & ME TRIVIA-2
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What's the difference between alimony and child support?
Alimony is a support, assigned by a court to one of the spouses to cover his/her living expenses. Child support- to cover children' expenses.
Give some examples of recurring revenues.
Paychecks, alimony, social security benefits.
Give some examples of recurring expanses.
Rent, utility bills, mortgage payments, groceries.
Which items must be included in your monthly budget?
Recurring expenses and revenues (happening on a regular basis).
What factors affect your credit score and credit history?
Paying bills timely, not having large outstanding loans, avoiding non-sufficient funds situations.
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).
What can be done to avoid non-sufficient funds situation?
Checking your bank balance regularly, and reconciling your checkbook to your bank statement.
What are the usual consequences of non-sufficient funds situation?
Substantial fees, imposed by the bank, and damage to your credit score.
What can causes a non-sufficient fund situation?
Not having enough money in your account to cover a check which you wrote.
What does NSF acronym stand for?
Non-Sufficient-Funds
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 do you do to endorse a check?
You sign it on the back.
What is the third party check?
It's a check which you give to somebody after endorsement.
Borrowing money from a credit card company is considered what type of a loan?
This is unsecured loan without collateral.
Does printing more money have any effect on inflation?
Yes, it increases overall inflation.
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.
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.
Is an oral,verbal business contract binding?
Yes, it is binding.
Do you have to file tax return regardless of your income?
No, if you have no income, you don't file.
What does American government tax, your wealth or your income?
Your income.
Lincoln Literacy is a non-profit organization. Can it be considered a business?
No, because it makes no profit.
Give an example of an intangible asset.
Goodwill (reputation), brand names, trademarks, licences, patents
Give an example of a tangible asset.
building, car, computer, furniture, cash
What is the difference between tangible and intangible assets?
Tangible you can see, touch, move. Intangible- non-material, invisible.
Give your definition of a business.
Economic activity intended to produce profit.
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