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