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- Question
Which of the following statements about minimum payments is incorrect?
Options- A. If you send in the minimum payment, you will be charged a late fee
- B. Paying the minimum means you are only paying off a portion of your total debt
- C. You will still pay interest on your balance if you submit the minimum payment
- D. Minimum payments are typically only 2-4% of your total debt
- Correct Answer
- If you send in the minimum payment, you will be charged a late fee
- 1. A capital expenditure results in a debit to
Options- A. an asset account
- B. a liability account
- C. an expense account
- D. a capital account Discuss
- 2. Who is responsible to pay back all debts?
Options- A. government
- B. spouse
- C. Both A & B
- D. None of the above Discuss
- 3. Purchase return and allowances is a contra account
Options- A. TRUE
- B. FALSE Discuss
- 4. Which of the following can increase your credit card?s APR?
Options- A. making credit card payments
- B. missing credit card payments
- C. not using credit card for long time
- D. All of the above Discuss
- 5. The accounting process is correctly sequenced as
Options- A. Identifying?recording?communicating
- B. Identifying?communicating?recording
- C. Communicating?Recording?Identifying
- D. Recording?Communicating?Identifying Discuss
- 6. In recording an accounting transaction in a double-entry system
Options- A. there must always be entries made on both sides of the accounting equation.
- B. the amount of the debits must equal the amount of the credits.
- C. there must only be two accounts affected by any transaction.
- D. the number of debit accounts must equal the number of credit accounts. Discuss
- 7. Which of the following is a type of savings vehicle?
Options- A. Checking Account
- B. Certificate of Deposit
- C. Money Market Account
- D. Both B & C Discuss
- 8. Automatic stabilizers refer to
Options- A. government spending and taxes that automatically increase or decrease along with the business cycle.
- B. changes in the money supply and interest rates that are intended to achieve macroeconomic policy objectives.
- C. changes in federal taxes and purchases that are intended to achieve macroeconomic policy objectives.
- D. the money supply and interest rates that automatically increase or decrease along with the business cycle. Discuss
- 9. OMO refers to Discuss
- 10. The balance of an account is determined by
Options- A. Sum of credits and debits
- B. Difference of credits and debits
- C. Product of credits and debits
- D. None of the above Discuss
Accounting and Finance problems
Search Results
Correct Answer: an asset account
Correct Answer: government
Correct Answer: TRUE
Explanation:
Purchase return and allowances is a contra account to purchases.
Correct Answer: missing credit card payments
Explanation:
APR means Annual Percentage Rate. Creditcards apr can be increased when you missed credit card payments.
Correct Answer: Identifying?recording?communicating
Correct Answer: the amount of the debits must equal the amount of the credits.
Correct Answer: Both B & C
Correct Answer: government spending and taxes that automatically increase or decrease along with the business cycle.
Correct Answer: Open Market Operations (OMO) refer to the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system
Correct Answer: Difference of credits and debits
Explanation:
The balance of an account is determined by the difference of credits amount and debits amount in the sheet.
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