Money Matters Review for Exam

Front

Tangible items that can be touched, used, and purchased are _____.

Back

goods

Front

What decision-making strategy weighs the costs against the benefits of an action, purchase, or financial decision?

Back

cost-benefit analysis

Front

What is the first step of systematic decision-making?

Back

Define the decision to be made.

Front

Monthly rent payments are an example of a(n) ______ expense.

Back

fixed, variable, discretionary, emergency

Front

In a cash flow statement, what are expenses called?

Back

Cash Outflow

Front

Cash and savings that can be converted to cash quickly and easily are _____?

Back

current assets

Front

Obligations to be paid over a long period of time are _____?

Back

long-term liabilities

Front

Eligible workers who work more than _____ hours per week must receive overtime pay at least _____ times their regular hourly rate.

Back

40, 1.5

Front

A(n) _____ is a report containing information used to calculate taxes owed by the taxpayer.

Back

tax return

Front

What is the amount on which taxes are calculated?

Back

taxable income