Income vs Expense
Name 3 expenses you may have in a year.
Food, clothing, cars, insurance, restaurants, shoes, school supplies, presents, bills.....
What is an Asset?
Anything that has value or benefit to you.
The internet says accountants are boring - is that true?
No!
Something you put money into that you are hoping to receive more money back from.
How many wheels are on a typical Semi truck?
10 or 18.
How do old people pay for anything if they don't work anymore? (And not from savings)
Retirement IRA or 401k monthly payments.
What is a liability?
Anything that is owed to others or costs more than it provides to you.
What does it mean when people say 'inflation is too high!'
The ability for people to buy things decreases.
Define Profit
Income less expenses - the net $ you get after all expenses.
If this place explodes, it is predicted to take out more than 1/2 of the US, and cover the rest in ash.
Yellowstone
You earn $5 for mowing the lawn. Who earned income, and who had expense?
You earned income. Your parents had expense.
Name one asset that you own.
anything from shoes to toys....
Double Jeopardy!!
How much will you bid?
Q: Name one movie that has an accountant in it.
Hitch, The Accountant, Ghostbusters, the Untouchables, Dead Man, Shaun of the Dead, Schindler's List, Office Space, Look Who's Talking, Shawshank Redemption.
TV: Cheers, Orange Is the New Black, Parks & Rec, Ozark, Futurama, The Office, Marcos
Define Fraud
Stealing or lying by changing things to look better than they are.
What is your teacher's favorite candy bar?
varies
When your parents file a tax return, is the money they pay income or expense?
Expense
How is a job an asset?
Extra $100 - How is it a liability?
Asset - provides income
Liability - takes away free time.
Democrats stereotypically want this higher. Republicans typically want it lower. What it is?
Taxes
Define Abacus
The ancient form of a calculator.
Name 5 sports that could be played in school
football, soccer, volleyball, softball/baseball, tennis, basketball, fencing, badminton, bowling, cheerleading/spirit squads, cross country, track & field, hockey, dance
What is the minimum wage in Idaho?
$7.25
Is a student loan of $10,000 an asset or a liability? (or both?)
It could be both.
Asset - provides educational opportunities
Liability - must be repaid.
What major news was recently announced by President Biden related to college students?
Student loan forgiveness for some.
Define Mortgage
A long-term loan, generally on a home.
What accounting firm in Idaho Falls is the best one?
Wipfli