CFM A Exploratory - How much do you know?

Business Math(Must use a Calculator!)

100

What is the checkbook balance at the end of the month?

Checkbook balance is $300

Made 2 deposits, $340 each

Wrote Checks for $475

Monthly Service charge is $5

What is $500 balance at the end of the month.

$300 + (340 x 2=680) = $980

$980 - $475 checks written = $505

$505 - $5 service charge is $500.

200

You can pay cash only for the furniture = $1,294

OR

You can use an installment plan:

$225 for a down payment

$45 payment for 27 months

How much more money do you pay for using the Installment Plan?

What is $146 more money for using the installment plan.

$225 = ($45 x 27) =

$225 + $1215 = $1440

$1440 Cost of Installment plan - $1,294 Cash payment =

$146 extra money paid for using Installment plan.

300

What is the gross pay that Jim earned?

$4.40/hour and he worked 20 hours

[Gross pay is BEFORE any taxes are taken out.]

What is total amount of money earned BEFORE takes are taken out.

$4.40 x 20 = $88 gross pay!

400

You can write 30 checks without a service charge.

More than 30 checks cost .20 each.

You wrote 49 checks.

Total fee for writing more than 30 checks is?

What is 49 checks - 30 = 19 checks we have to pay for.

Checks cost .19 each

19 checks x .20 each = $3.80 in total fees for checks.

500

What is a Bait and a Switch?

What is when you are "baited" by advertising of a product's low price, but when you go to the store, they discover that the advertised goods are NOT AVAILABLE.
Salesperson then tries to sell you a higher priced item.

MONEY & BANKING

100

You wrote checks for more money than you have in your checking account.
What did you do to your checking account?
Hint: Starts with an O

What is an Overdrawn Checking Account.
**You also probably will receive a "Non-sufficient Funds" bank charge, since you do not have enough money to cover the check(s) written!

200

You are issued a check for working FROM your employer.
You take it to the bank and sign the BACK of the check at the top.
Another word for this signature is called your?
Hint: Starts with an E

What is an Endorsement.

300

A promise to pay at a later date?
Hint: Starts with a C

What is credit!
When you make a purchase with a credit card, you are using credit and promise to pay the bill at a later date!

400

A record of deposit and withdrawals for a checking account is called a:
Checkbook _____________________.
Hint: Starts with an R

What is a Checkbook Register

500

The free enterprise system in the U.S.A. is referred to as?
Hint: Begins with a C

What is Capitalism

TAXES

100

Your employer is required to provide this tax form to you at the beginning of the year, to show the previous year's gross pay (wages) and payroll deductions (amount of income withheld).
What is the Name of this tax form?

What is W-2
W-2 is the Wage and Tax Statement that arrives in the mail around the end of January or February from your employer. It shows you the total wages you earned!

200

You just got hired at McDonald's.
The first tax form you will complete that your new job requires you to fill out is called?

This form has a personal allowances worksheet at the top.

What is the W-4 Employee Withholding Allowance Certificate tax form.

300

You have been working at Burger King all of last year.
It is January 30 and you just received your W-2 in the mail from your employer.
Now, you file a "tax form" before the deadline of April 15th.

What is the name of this tax form?
Hint: It is used for single and joint filers with no dependents.

What is Form 1040 EZ

400

A tax on goods and services sold to you, the consumer is called what kind of tax?

What is a SALES tax!
In NYS, we pay a sales tax on goods and services.
Sales and use tax (sales tax) is applied to: tangible personal property (unless specifically exempt); gas, electricity, refrigeration and steam, and telephone service; selected services; food and beverages sold by restaurants, taverns, and caterers; hotel occupancy; and certain admission charges and dues.

500

Give an example(s) of the LARGEST employer in the U.S.A.?

What is local, state, and federal governments!

Business Plans

100

What part of the BUSINESS PLAN (A document that presents the basic idea for your new business), promotes market penetration (Grand Opening Event!) or opening a franchise, or providing the same products to different users?
Hint: Begins with an M

What is Marketing & Sales

Target Market=who are you targeting to be your customer for your business.
e.g.) Women ages 21 and older? etc...

200

In your business plan, what statement briefly explains the main idea of your business in just 2-5 sentences?
Hint: Starts with an M

What is a Mission Statement
A mission statement briefly explains the main idea of your business in just 2-5 sentences.
(This would be included as a part of your Executive Summary if you wrote one.)

300

In class you were an entrepreneur who wanted to start his/her own business.
You wrote a business plan for your company using PowerPoint. What type of business structure did you form?
Hint: Starts with an S

What is a Sole Proprietorship
A SOLE PROPRIETOR business structure is used when someone wants to start a small business.
A sole proprietor has unlimited liability.
A partnership is when 2 or more people form a business.

400

When writing a business plan, you describe the purpose and nature of your business, what its success factors are, and why you think it is a success.
What is this section called in a Business Plan?
HINT: This is called Company __________________

What is the COMPANY DESCRIPTION.

500

This section of a business plan should highlight the strengths of your overall plan, therefore it should be the last section you write.
But, it appears first and contains your Mission statement and company description.
HINT: Starts with an E

What is Executive Summary

Anything Goes

100

You are completing a MONTHLY BUDGET.
The following items in this list are all examples of FIXED or VARIABLE EXPENSES?
clothing, magazines, concert tickets, restaurant receipts

What are VARIABLE expenses. (VIP: FIXED expenses include costs that STAY THE SAME each month such as:RENT, CAR PAYMENTS, MORTGAGE PAYMENT

200

If you start a new business, and you have merchandise (products) or saleable stock (items to sell) on hand, what are these items called?
HINT: Starts with an I

What is INVENTORY! If you are selling items, you must have inventory available to sell to your CUSTOMERS=CONSUMERS!

300

Which economic term indicates the condition of the nation's economy?
E.G. The market value of ALL goods and services produced with a country in a year.
HINT: Starts with a G

What is Gross Domestic Product (GDP)

400

If you want to purchase an IPOD touch, but do not have enough money, you need to purchase it on ____________?

What is CREDIT! Credit is a promise to pay the bill at a later date.
Creditors give consumers credit who pay their other bills ON TIME.
Then, they are approved for a credit card!
To get approved for credit, there must be CAPACITY TO REPAY
. (You have a job and make money to pay your credit card bills).

500

What kind of auto insurance do you need to cover the loss of your car should you destroy your car in an auto accident..
For example, you hit another car or telephone pole or other NONLIVING object

What is COLLISION insurance!