Lesson 1 (3.0 points) 1. What is credit? (0.5 points) it s a commitment to pay for something in the future, instead of paying for it right away. 2. What is a credit score?
Brandon Smith 9/26/2014 Study Questions 1 Section 1 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. Name at least two things financial planning could help you do. (0.5 points) Two things financial planning could help me do is Identify Goals and Spending Priorities.
Section 5 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. What is credit? (0.5 points) Is a commitment to pay for something in the future, instead of paying for it right away 2.
3. What is an S corporation? (0.5 points) A corporation with special tax status. Defined in subchapter s of the internal revenue code used by the IRS to determine the types of taxes this type of corporation must pay. 4.
Section 7 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. What is a lifestyle? (0.5 points) The way in which a person or group lives.
Section 1 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. Name at least two things financial planning could help you do. (0.5 points) Help you make goals, manage spending, and organize and keep track of income 2.
. (TCO 1) SFAS 109 requires the following procedure. (Points: 5) Computation of deferred tax assets and liabilities based on temporary differences. Computation of deferred income tax based on permanent differences. Computation of income tax expense based on taxable income.
3.0 points) 5. Describe a real or made up but realistic example of earned income that you or someone you know has received. What type of work was the income from? Was the income in the form of a salary or wages? (1-2 sentences.
long-term capital loss. business casualty loss. Question 3. 3. (TCO I) Under the cash method of tax accounting, tax deductions are generally taken when: (Points : 5) the liability arises.
Which one of these is a non-cash item? • depreciation • interest expense • current taxes • dividends • selling expenses 6. Sankey, Inc., has current assets of $5,000, net fixed assets of $23,300, current liabilities of $4,450, and long-term debt of $11,000. (Do not round intermediate calculations.) What is the value of the shareholders' equity account for this firm?