1099s
This form reports income paid to independent contractors or freelancers.
What is Form 1099-NEC?
This is the most popular explorer for the Ethereum blockchain.
What is Etherscan?
Assets = Liabilities + ________.
What is Equity?
GAAP stands for this.
What is Generally Accepted Accounting Principles?
Founder of FTX and convicted of one of the largest crypto frauds in history.
Who is Sam Bankman-Fried?
True or False: You must issue a 1099-NEC to an S-Corp.
False
A blockchain explorer displays this unique string that identifies a transaction.
What is a transaction hash (tx hash)?
This formula calculates Gross Profit.
What is Revenue – Cost of Goods Sold?
In crypto, DEX stands for this.
What is Decentralized Exchange?
Creator of the Silk Road marketplace, serving a life sentence for enabling illegal trade using Bitcoin.
Who is Ross Ulbricht?
If you pay a vendor via this platform (e.g., PayPal, Venmo, Cash App), you typically do not issue a 1099-NEC because the platform issues this form instead.
What is Form 1099-K?
This formula calculates Return on Assets (ROA) — a measure of how efficiently a company uses its assets to generate profit.
What is Net Income ÷ Average Total Assets?
Under international standards, this framework is similar to GAAP but often principles-based instead of rules-based.
What is IFRS (International Financial Reporting Standards)?
This financier ran the largest Ponzi scheme in U.S. history, worth ~$65 billion.
Who is Bernie Madoff?
This threshold determines whether a business must issue a 1099-NEC.
What is $600?
True or False: A blockchain explorer can show pending transactions that haven’t yet been confirmed in a block.
True
Working Capital = ______ – ______.
What is Current Assets – Current Liabilities?
In crypto slang, this acronym stands for “Hold On for Dear Life,” describing investors who resist selling during volatility.
What is HODL?
This scandal involved falsified accounting records to hide debt and inflate earnings, leading to new U.S. regulations known as the Sarbanes-Oxley Act.
What is Enron?
This type of income is reported on Form 1099-INT, while Form 1099-DIV reports this type.
What is interest income and dividend income?
This Base-chain explorer lets you view contracts like 0x0000...c609 that interact with Coinbase smart contracts.
What is Basescan?
This liquidity ratio measures a company’s ability to meet short-term obligations without relying on inventory: (Current Assets – Inventory) ÷ Current Liabilities.
What is the Quick Ratio (or Acid-Test Ratio)?
In accounting, EBITDA stands for this.
What is Earnings Before Interest, Taxes, Depreciation, and Amortization?
This company’s collapse in 2008 after massive mortgage fraud and risky bets triggered a global financial crisis.
What is Lehman Brothers?