Vocabulary
What is an "asset"?
Something that is owned and has value
Who must file an annual tax return?
Individuals with income from salaries, fees, rent, business activities, or interest exceeding $400,000 per year.
What is the main trade agreement Mexico is part of?
United States-Mexico-Canada Agreement (USMCA)
What is the Mexican Stock Exchange called?
Bolsa Mexicana de Valores (BMV)
What are the five types of primary tastes?
Sweet, salty, bitter, sour and umami
What does "financial stability" mean?
Ability to maintain a secure financial situation
What expenses are tax-deductible?
Medical expenses, tuition fees, mortgage interest, donations, and voluntary retirement contributions.
What does an HS Code help with in international trade?
Identifying a product’s category for taxation and tariffs
What does "TIIE" stand for in Mexico’s financial system?
Interbank Equilibrium Interest Rate
Where did the Olympic games originate?
Greece
What is a "passive"?
Something that is owed and must be paid
How do I issue an electronic invoice?
Through the SAT portal or an authorized provider, using your RFC, electronic signature, and client details.
What is international trade?
It is the exchange of goods, services and capital between countries.
The break-even point is when you have high sales for a long period. True or false?
False
Who painted “the last supper”?
Leonardo da Vinci
What is accounting capital?
The financial resources or funds that owners put into their business
What is the current Value Added Tax (VAT) rate in Mexico?
16%
What are tariffs?
They are taxes applied to imports.
What is the interest called that is charged after the due date for paying a debt?
Late payment interest (or default interest)
What are humans: omnivores, herbivores or carnivores?
Omnivores
In financial statements, what is a "liability"?
A company's financial obligations or debts
According to Mexican tax law, what type of income must be reported for tax purposes?
Salary, business profits, and rental income
Tariffs are generally imposed on imports to protect domestic industry.
True
How long does short-term financial planning cover?
1 year
Who is the famous King of Rock in the United States?
Elvis Presley