Accounting
When a business buys a computer with cash, its cash ______, but its computer equipment ________
decreases and increases
What is a balance
The money in your accounts
Money you put aside to keep or spend later
savings
You purchase one share of Wal-Mart stock on January 1, 2014 for $100.00. You decide to sell the stock on March 1, 2014 when the stock price was $97.00. The profit (or loss) on your Wal-Mart investment is
Your loss is $3
Will a budget give you more money
No
The term used to explain how quickly a company can convert assets into cash
liquidity
What is an overdraft?
When you have a deficit in a bank account because you drew out more money than the account holds
Inflation is best defined as
a time when overall purchasing power decreases, because prices are going up.
Investors who hold stocks in companies from different industries and sectors are trying to achieve
diversification
RRSP stands for
Registered _______ ________ Plan
Registered Retirement Savings Plan
Chris bought a hockey stick that is regularly sold for $175. He received a 20 percent discount. How much did the stick cost before tax?
$140
What bank has the largest amount of branches in Canada?
RBC
Making, buying, or selling something that people need or want
Economics
What is an IPO
the first time a company sells shares publicly
You purchase a cartridge of ink for $20.98 and a 100 sheets of linen paper for $19.98. You pay tax at 13% on the amount. What amount of cash will you have to pay in total?
(20.98+19.98)1.13 = $46.28 or $46
When Business X owes money to Business Y for supplies or materials purchased on credit, Business X calls this an:
Account Payable
The 3-digit number on the back of a credit card is:
The Card Security Code (CSC) or Card Verification Value (CVV)
GDP is generally defined as
the market value of all the final goods and services produced in a country during a given time period.
The simple interest amount, where the principal is $500.00, the rate is 5.5 percent, and the time is one year, would be
Interest amount= 500(0.055) =27.50
If you deposit $200 into a savings account with an interest rate of 1% for 3 years, how much simple interest can you brag that you will earn after THREE years?
$6
Is a list of all accounts used by a business
Chart of accounts
The new Canadian ten dollar bill is produced by
The Bank of Canada
Canada’s balance of trade
Measures the difference between Canada’s imports and exports
You invest $1,000 in a project that is growing at 8% per year compounded annually. How many years will it take to double your original investment?
2000 = 1000(1+0.08)^x
= 9 years
Based on the rule of 72, a savings account earning 6% per year would allow you to double your money
12 years