Business Admin Finance (1)

Business Admin Finance (1)

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

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20 questions

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1.

FLASHCARD QUESTION

Front

What is one function of money? Options: Medium of exchange, Transfer of ownership, Creation of equity, Risk management

Back

Medium of exchange

Answer explanation

Money serves as a medium of exchange, enabling transactions.

2.

FLASHCARD QUESTION

Front

Which of the following best explains the time value of money? Options: Money loses value over time due to inflation., A dollar today is worth more than a dollar in the future., Money gains value over time when invested in tangible assets., Savings accounts eliminate the time value of money.

Back

A dollar today is worth more than a dollar in the future.

Answer explanation

A dollar today is worth more than a dollar in the future due to earning potential.

3.

FLASHCARD QUESTION

Front

What is an example of a legal responsibility associated with financial exchanges?

Back

Ensuring accurate tax filings

Answer explanation

Ensuring tax filings are accurate is a key legal responsibility in financial exchanges.

4.

FLASHCARD QUESTION

Front

Which type of income is classified as 'passive'? Options: Dividends from stocks, Salaries and wages, Freelance consulting fees, Bonus payments

Back

Dividends from stocks

Answer explanation

Dividends from stocks are considered passive income as they do not require active effort.

5.

FLASHCARD QUESTION

Front

Why is it important to maintain accurate financial records?

Back

To meet regulatory requirements

Answer explanation

Accurate financial records help meet regulatory compliance.

6.

FLASHCARD QUESTION

Front

What is a common reason individuals set financial goals? Options: To reduce discretionary spending, To improve income consistency, To prioritize savings and investments, To avoid inflation

Back

To prioritize savings and investments

Answer explanation

Setting goals encourages disciplined saving and investment behavior.

7.

FLASHCARD QUESTION

Front

What is the purpose of reconciling a bank statement? Options: Ensuring that interest rates are accurately applied, Validating credit transactions, Comparing personal records with bank records, Reducing overdraft penalties

Back

Comparing personal records with bank records

Answer explanation

Reconciling compares bank and personal records for consistency.

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