Financial Statements & Recordkeeping

Deposits

Recordkeeping

Bank Statements

Liabilities

Wild

100

$100: Which of the following is an interest-bearing deposit account held at a bank providing a modest interest rate?
- A. Savings account
- B. Checking account
- C. Money market account
- D. Certificate of deposit

A. Savings Account

100

$100: Which of the following financial documents is recommended to store for just one month?
- A. Tax returns
- B. Investment statements
- C. Receipts for major purchases
- D. Deposit records

D. Deposit Records

100

$100: Which of the following is an interest-bearing deposit account held at a bank which provides a modest interest rate?
- A. Checking accounts
- B. Savings accounts
- C. Money market accounts
- D. Certificates of deposits

A. Checking Accounts

100

$100: __________ involves finding the total of an individual’s current liabilities and subtracting them from the total current assets.
- A. Net worth
- B. Net growth
- C. Net surplus
- D. Net gain

A. Net Worth

100

$100: Why did the accountant break up with their calculator?

Because they felt like they were just adding to the drama!

200

$200: Which of the following is a type of savings account which usually earns more interest than a basic savings account?
- A. Checking account
- B. Debit card
- C. Certificate of deposit
- D. Money market account

D. Money Market Account

200

$200: Select all of the following which are considered a step in reconciling a bank statement.
- Calling a banker to discuss deposits and withdrawals
- Going through the miscellaneous account debits and credits listed on the bank statement
- Matching all checks listed in the bank statement to the check register
- Matching each of the deposits in the records to those noted on the bank statement

Going through the miscellaneous account debits and credits listed on the bank statement
Matching all checks listed in the bank statement to the check register
Matching each of the deposits in the records to those noted on the bank statement

200

$200: A __________ is a summary of financial transactions which have occurred over a given period on a bank account held by a person or business with a financial institution.
- A. Bank statement
- B. Checking account
- C. Money market account
- D. Certificate of deposit

A. Bank Statement

200

$200: Current liabilities are debts payable __________.
- A. Within one year
- B. Over more than one year
- C. Within one month
- D. Within one purchase

A. Within one year

200

$200: Name three Nationwide Banks.

Bank of America, Chase, Wells Fargo, Capital One, etc.

300

$300: Which of the following is NOT usually included in a bank statement?
- A. Deposits
- B. Fees
- C. Withdrawals
- D. Social Security Number

D. Social Security

300

$300: A personal financial statement is also called which of the following?
- A. Personal balance sheet
- B. Personal income statement
- C. Personal liabilities sheet
- D. Personal retirement plan

A. Personal Balance Sheet

300

Match the following terms to the definitions.

(A) Period of time covered by the statement

(B)Total of all additions and deletions from the account balance

(C)Detailed list of individual transactions

(D)Important message, news or similar information for the statement

Word Bank:

(1)Account activities

(2)Account summary

(3)Special messages

(4)Statement date

A - 4 Statement date

B - 2 Account Summary

C - 1 Account Activities

D - 3 Special Messages

300

$300: Which of the following are resources which have no physical presence?
- A. Financial investment
- B. Intangible assets
- C. Stock
- D. Corporate bonds

B. Intangible Assets

300

$300: Tommy owns a $387,000 house, $14,000 Car, and $10,000 in other assets. He has $30,000 in school loans, $3,574 in taxes owed, and $100,000 in other Liabilities.

What's Tommy's net worth?

Tommy's Net worth is $277,426.

400

$400: Select all of the following which are considered a deposit.
- Check cashed
- Direct deposit
- Purchases
- Transfers received

Check Cashed

Direct Deposit

Transfers Received

400

$400: Which of the following describes a person’s financial debt or obligation?
- A. Profits
- B. Liabilities
- C. Assets
- D. Investments

A. Liabilities

400

Reconciling a statement involves matching up records with the information on the bank statement.
A. True
B. False

True

400

$400: Select all the following financial documents which individuals should store for one year.
- Auto insurance policies
- Bank statements
- Deposit records
- Return receipts

Auto Insurance Policies

Bank Statements

400

I travel the globe without a passport. My face changes with the wind, and I am desired by all, though I have no heart. What am I?

Currency

500

$500: Which of the following financial documents is recommended to be stored permanently?
- A. Annual retirement statements
- B. Bank statements
- C. Mortgage contracts
- D. Utility bills

Mortgage Contracts

500

$500: Which of the following is the last step when reconciling a bank statement?
- A. Add or subtract all reconciling items from the bank’s ending cash balance
- B. Staple the list of all reconciling items to the bank statement and properly store the statement
- C. Go through the miscellaneous account debits and credits listed on the bank statement
- D. Match all checks listed in the bank statement to the check register

B. Staple the list of all reconciling items to the bank statement and properly store the statement

500

$500: Select all the following financial documents individuals should store permanently.
- Appraisals
- Mortgage contracts
- Property appraisals
- Tax returns

Mortgage Contracts

Tax Returns

500

$500: Which of the following is a financial statement which outlines a person’s financial position at each point in time?
- A. Tax returns
- B. Mortgage contracts
- C. Personal legal contracts
- D. Personal financial statement

D. Personal Financial Statement

500

Who sings the song Billionaire?

"I want to be a billionaire so freaking bad, Buy all of the things I never had. I want to be on the cover of Forbes magazine"

Travie McCoy FT. Bruno Mars