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Financial Literacy Review (Complete)
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Terms in this set (17)
The MORE education and training you have, the _______ likely you are to earn to a higher income.
MORE
True or False: Employers are NOT generally required by law to take taxes out of an employee's paycheck.
FALSE. Employers ARE generally required by law to take taxes out of an employee's paycheck.
What is a budget?
A useful tool to help you meet
your financial goals.
When investing, _________ is the chance your investment may make LESS money than you expect or that
you could even LOSE money!
RISK
True or False: It is normally less costly to borrow from PAYDAY LENDERS than from banks.
FALSE: Payday loans are generally MORE expensive than bank loans.
What is interest?
Interest is a small amount of extra money that the bank gives you just for keeping your money there.
What is a credit report?
A credit REPORT contains information about the types and amount of credit an individual has and how they pay their bills.
How many months emergency savings do experts recommend that you have?
THREE MONTHS
How CAN you avoid check cashing fees?
You can avoid check cashing fees by depositing your paycheck in a bank account.
True or False: Banks charge HIGH fees, you should have at least $1000 before you open an account.
FALSE: Many bank accounts have low fees or are even FREE! You can open many bank accounts with as little as $25 or LESS!
People who pay their bills LATE each month generally have ____________ credit scores than those who pay their bills on time.
LOWER
Even if a bank goes out of business, money in an ________ insured account IS protected.
FDIC (Federal Deposit Insurance Corporation)
What is a stock?
A financial tool or security that represents part ownership of a company.
What does it mean to deposit?
To put money IN a bank account.
What does it mean to withdraw?
To take money OUT of a bank account
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Verified questions
ACCOUNTING
Caribbean Tours' total payroll for the month of January was $600,000. The following withholdings, fringe benefits, and payroll taxes apply:$ $$ \begin{matrix} \text{Federal and state income tax withheld} & \text{$\$ 60,000$}\\ \text{Health insurance premiums paid by employer (payable to Blue Cross)} & \text{$10,800$}\\ \text{Contribution to retirement plan paid by employer (payable to Fidelity)} & \text{$24,000$}\\ \text{FICA tax rate (Social Security and Medicare)} & \text{7.65$\\\%$}\\ \text{Federal and state unemployment tax rate} & \text{6.20$\\\%$}\\ \end{matrix} $$ $ Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes.
ACCOUNTING
Proving the accuracy of the adjusting and closing entries is best defined as a. preparing a post-closing trial balance. b. preparing the statements. c. closing the temporary accounts. d. adjusting the ledger accounts. e. none of these answers
ACCOUNTING
Syntax Corporation is an international manufacturer of fragrances for women. Management at Syntax is considering expanding the product line to men’s fragrances. From the best estimates of the marketing and production managers, annual sales (all for cash) for this new line are 2,000,000 units at $100 per unit; cash variable cost is$50 per unit; and cash fixed costs are $18,000,000 per year. The investment project requires$100,000,000 of cash outflow and has a project life of 4 years. At the end of the 4-year useful life, there will be no terminal disposal value. Assume all cash flows occur at year-end except for initial investment amounts. Men’s fragrance is a new market for Syntax, and management is concerned about the reliability of the estimates. The controller has proposed applying sensitivity analysis to selected factors. Ignore income taxes in your computations. Sentax’s required rate of return on this project is 16%. 1. Calculate the net present value of this investment proposal. 2. Calculate the effect on the net present value of the following two changes in assumptions. (Treat each item independently of the other.) a. 20% reduction in the selling price. b. 20% increase in the variable cost per unit. 3. Discuss how management would use the data developed in requirements 1 and 2 in its consideration of the proposed capital investment.
ACCOUNTING
Pharmahelp, Inc., a distributor of special pharmaceutical products, operates at capacity and has three main market segments: a. General supermarket chains b. Drugstore chains c. Mom-and-pop single-store pharmacies Rick Flair, the new controller of Pharmahelp, reported the following data for 2017. For many years, Pharmahelp has used gross margin percentage [(Revenue - Cost of goods sold) ÷Revenue] to evaluate the relative profitability of its market segments. But Flair recently attended a seminar on activity-based costing and is considering using it at Pharmahelp to analyze and allocate “other operating costs.” He meets with all the key managers and several of his operations and sales staff, and they agree that there are five key activities that drive other operating costs at Pharmahelp: Each customer order consists of one or more line items. A line item represents a single product (such as Extra-Strength Tylenol Tablets). Each product line item is delivered in one or more separate cartons. Each store delivery entails the delivery of one or more cartons of products to a customer. Pharmahelp’s staff stacks cartons directly onto display shelves in customers’ stores. Currently, there is no additional charge to the customer for shelf-stocking and not all customers use Pharmahelp for this activity. The level of each activity in the three market segments and the total cost incurred for each activity in 2017 is as follows: $$ \begin{matrix} \text{Pharmahelp, 2017} & \text{General} & \text{ } & \text{ } & \text{ }\\ \text{ } & \text{Supermarket} & \text{Drugstore} & \text{Mom-and-Pop} & \text{Total for}\\ \text{ } & \text{Chains} & \text{Chains} & \text{Single Stores} & \text{Pharmahelp}\\ \text{Revenues} & \text{\$ 3.708.000} & \text{\$ 3.150.000} & \text{ \$ 1.980.000} & \text{ \$ 8.838.000}\\ \text{Cost of goods sold} & \text{3.600.000} & \text{3.000.000} & \text{1.800.000} & \text{8.400.000}\\ \text{Gross margin} & \text{\$ 108.000} & \text{\$ 150.000} & \text{\$ 180.000} & \text{438.000}\\ \text{Other operating costs} & \text{ } & \text{ } & \text{ } & \text{ 301.080}\\ \text{Operating income} & \text{ } & \text{ } & \text{ } & \text{\$ 136.920}\\ \end{matrix} $$ . $$ \begin{matrix} \text{Activity Area} & \text{Cost Driver}\\ \text{Order processing} & \text{Number of customer purchase orders}\\ \text{Line-item processing} & \text{Number of line items ordered by customers}\\ \text{Delivering to stores} & \text{Number of store deliveries}\\ \text{Cartons shipped to store} & \text{Number of cartons shipped}\\ \text{Stocking of customer store shelves} & \text{Hours of shelf-stocking}\\ \end{matrix} $$ . $$ \begin{matrix} \text{Activity-based Cost Data} & \text{ } & \text{Activity Level}\\ \text{Pharmahelp 2017} & \text{General} & \text{ } & \text{ } & \text{Total Cost}\\ \text{ } & \text{Supermarket} & \text{Drugstore} & \text{Mom-and-Pop} & \text{of activity}\\ \text{Activity } & \text{Chains} & \text{Chains} & \text{Single stores} & \text{in 2017}\\ \text{Orders processed (nuber)} & \text{140 } & \text{360} & \text{1.500} & \text{\$ 80.000}\\ \text{Line-items ordered (number)} & \text{1.960} & \text{4.320} & \text{15.000} & \text{63.840}\\ \text{Store deliveries made (number)} & \text{120} & \text{360} & \text{1.000} & \text{71.000}\\ \text{Cartons shipped to stores (number)} & \text{36.000} & \text{24.000} & \text{16.000} & \text{76.000}\\ \text{Shelf stocking (hours)} & \text{360} & \text{180} & \text{100} & \text{10.240}\\ \text{ } & \text{ } & \text{ } & \text{ } & \text{\$ 301.080}\\ \end{matrix} $$ . 1. Compute the 2017 gross-margin percentage for each of Pharmahelp's three market segments. 2. Compute the cost driver rates for each of the five activity areas. 3. Use the activity-based costing information to allocate the $301.080 of "other operating costs" to each of the market segments. Compute the operating income for each market segment. 4. Comment on the results. What new insights are available with the activity-based costing information?
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QUESTION
Supply chains range from those that focus solely on being responsive to those that focus on a goal of producing and supplying at the lowest possible cost. (True or False)
QUESTION
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QUESTION
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