Key Financial Transactions
Interest
Financial Statements
Tax
Excel Formulas
100
I got paid $20 for walking my neighbors dog last night. From my perspective, what kind of financial transaction was that?
Income
100
You made an investment of $5,000(P), and it's earning 12% interest(r). How much interest would incur after 3 years?
I=5,000(.12)3
I=1,800
100
What kind of Statement is shown?
*Hint* What formula is it using?
Income Statement
100
What is the max amount that can be taxed 5%?
$5,000
100
What is the name of this cell?
C8
200
I wanted to hangout with a friend, so I called an Uber to get to their house which cost $30. From my perspective, what kind of financial transaction was that?
Expense
200
You made an investment of $5,000(P), and it's earning 12% interest(r) for 3 years(t). How much would the investment be at the end of the 3 years?
*Hint* FV=(PV*r*t)+PV
PV= Present Value FV=Future Value R=Rate t=years
FV=PV(1+r*t)
5000(1+.12*3)=6,800
or 5000(.12)3=1,800
1,800+5,000=6,800
200
What kind of sheet is shown?
*Hint* What is the formula being used?
Balance Sheet
200
What is the max amount that can be taxed 30%?
There is no max!
200
What would you input as your formula if you wanted to do 10 times 6
=10*6
300
I wanted to have some cash in my wallet in case of emergencies, so I withdrew $100 from my checking account. From my perspective, what kind of financial transaction was that?
No Financial transaction took place
300
You made an investment of $5,000(P), and it's earning 12% interest(r). If you wanted to do monthly payments, how much would you pay by month 6.
*Hint* T is always represented by years. Solve for T and convert it to months
I=P(r)t
I=5,000(.12)6/12
I=300
300
What kind of statement is shown?
*Hint* Read the chart carefully
Sources and Uses Statement
300
What is the max that can be taxed 15%?
$10,000
The Range is 5,000-15,000
Meaning 15,000-5,000=10,000 So the bracket can only hold 10,000
300
What formula would you use to find the Net Income
=B3-B6
400
I didn't know this at the time, but I bought myself a car for WAY more than what it is actually worth. From my perspective, what kind of financial transaction(s) was that?
Expense and Asset
400
You made an investment of $5,000(P), and it's earning 12% simple interest(r). How much would the account be worth after the 18th payment?
FV=PV(1+rt)
5,000(1+(.12)18/12))
5,900
400
Looking at this budget sheet, what can they spend less cash on?
Video Games
400
If your income is 20,000, how much of it is taxed by 5%?
5,000
400
What formula would you use to find the total income?
=SUM(B1:B4)
500
I decided I wanted a brand new car, so I took out a loan since I couldn't afford it on my own. The loan started to incur interest which I have to pay off. From my perspective, what kind of financial transactions took place?
Loan - Liability
Interest - Expense
Car - Asset
500
You made an investment of $5,000(P), and it's earning 12% interest(r). What would the future value of the account be after three years if the investment is earning interest that is compounded annually?
FV=PV*(1+r)^t
5,000(1+.12)^3
7,024.64
500
What are the three financial statements?
Income Statement, Sources and Uses Sheet, and Balance Sheet
500
If your income is 30,000, how much of it is taxed by 30%?
15,000
500
What formula would you put to find the Net Cash Flow?
=C7-C11