Management
This management function involves assigning tasks, allocating resources, and creating procedures.
What is organizing?
These expenses can easily change from month to month depending on lifestyle choices.
What are variable expenses?
This financial statement is considered a “snapshot in time” and identifies a business's assets, liabilities, and equity.
What is a balance sheet?
This agency protects consumers from dangerous products such as unsafe toys.
What is the CPSC?
This form tells your employer how much federal income tax to withhold from your paycheck.
What is a W-4?
This leadership style allows employees to participate in decision making.
What is democratic leadership?
This “C” of credit focuses on a borrower’s ability to repay debt using income and debt levels.
What is capacity?
Cash, inventory, and equipment are all examples of this part of the accounting equation.
What are assets?
Insurance that covers damage to your car from hail, theft, or falling trees is called this.
What is comprehensive insurance?
This date is the traditional deadline for mailing federal income tax returns.
What is April 15th?
This document explains a company’s purpose, values, and direction.
What is a mission statement?
A person with a low credit score who receives a loan with very high interest likely received this type of loan.
What is a subprime loan?
If a company has $450,000 in assets and $175,000 in liabilities, this is the amount of owner’s equity.
What is $275,000? (450,000-175,000=275,000)
This type of life insurance only provides coverage for a limited period of time.
What is term life insurance?
A tax system where higher-income earners pay a larger percentage of income is called this.
What is a progressive tax?
A manager supervising employees during daily operations is part of this level of management.
What is supervisory (operational) management?
A person applying for several loans at once may hurt this “C” of credit because lenders may question repayment habits.
What is character?
A company earned $220,000 in revenue, had $125,000 in cost of goods sold, and $40,000 in expenses. This is the company’s net profit.
What is $55,000? (220,000-125,000-40,000=55,000)
A 17-year-old signs a contract to buy a gaming system. Because of age, the teen may legally do this to the contract.
What is void (cancel) the contract?
This form reports interest earned from a bank account or savings account.
What is a 1099-INT form?
During an emergency evacuation of a cruise ship, this leadership style would likely be the most effective because quick decisions are needed.
What is autocratic leadership?
Jamie earns $3,200 per month after taxes. Her fixed expenses total $1,850 and variable expenses total $900. This amount remains for savings or emergencies.
What is $450? (3200-1850-900=450)
This account would increase when a business sells products to customers on credit instead of receiving cash immediately.
What is accounts receivable?
A driver causes an accident that damages another person’s vehicle. This insurance coverage pays for the other driver’s car repairs.
What is property damage liability insurance?
A taxpayer owes $1,540 in taxes but already paid $1,900 through paycheck withholding. This is what happens next.
What is a $360 refund? (1900-1540=360)