Accounting Cycle
How many steps are there in the Accounting Cycle?
8!
True or false? Budgeting for a business is fundamentally different than budgeting for a household.
False
Concept is the same - only context changes.
When you call the insurance company after an accident, you'll be referred to their ____ department to discuss the incident.
Claims
hotdog
HotdoG89!#
Fact: The words "credit" and "debit" come from the _______ words: "creditum" and "debitum."
a) Latin
b) Spanish
c) Hungarian
a) Latin
Anytime money moves in an organization, we call that a ____________.
Transaction
Describe what mint.com is.
Your siding was damaged due to a severe hailstorm in Rapid City. Which type of insurance would help pay for new siding?
Phishing is a common scam where a hacker tries to solicit personal information via _____.
Which of these products was invented by an accountant?
a) Seat belts
b) Sticky notes
c) Bubble gum
c) Bubble gum
(These) describe the overall financial health of the company.
Financial Statements
What is the most important thing you can do to raise your credit score?
Make payments on time!
One of your employees slipped on ice and hurt herself on her way home from work. She was off-site when this happened. Can she file for Worker's Comp?
No. The incident had to have happened at work. She was off-site.
You get a text message from an unknown number that says: "Hey, it's Judy! Sorry, I lost your number. Do you remember me?" You don't know anyone named Judy. You should...
Block the number and report it. It's probably a smishing scam.
This famous musician was studying to be an accountant before their music career took off.
a) Adam Lavine
b) Mick Jagger
c) Taylor Swift
b) Mick Jagger
In (this) step of the Accounting Cycle, the goal is to compare debit and credit columns, and make sure they're equal.
Your Walmart credit card has an interest rate of 15%. Amazon's interest is 10%. Which card should you pay off first?
Walmart (the interest rate on that one is higher)
Roundup was a great lawn care product until doctors figured out that it caused cancer. Hopefully the roundup company had _______ _______ insurance.
Product Liability
You get a call from a person claiming to be from the IRS. They tell you that you must provide your debit card information or be subject to prison time or fines. This is a classic example of ______.
Vishing
The first woman to be an accountant was Christine Ross. Her clientele consisted of wealthy women, and people involved in the fashion industry. She was licensed in what year?
a) 1899
b) 1972
c) 1910
a) 1899
Describe a General Ledger.
This is where all of the journal entries for every account the company has are recorded.
Describe a credit score, and at least 2 things that impact it negatively.
A number assigned to you by creditors that describes your payment history.
- Late payments
- Having too much debt
- Not having any equity
Name 3 types of insurance you can buy for your business and what they cover.
Product Liability
Business Interruption
Workers Compensation
Property
Vehicle
Professional Liability
As a business manager, name 3 things you can do to protect sensitive data.
- Use strong passwords
- Keep personal information locked up
- Don't fall for phishing, smishing or vishing scams
- Make sure your employees receive proper training
_______ ________ was originally supposed to be a temporary measure to help fund the war against France in the late 1700's.
a) Credit Reporting
b) Income Tax
c) Interest Rates
b) Income Tax
(I guess it stuck...)