Bank and Income Statements Quick Check

Which information is often NOT included in a bank statement?
ANSWER - the account owner’s Social Security number

What are the most common transactions that appear on a bank statement?
ANSWER - A and C (deposits and transfers)

What is an income statement?
ANSWER - a statement that compares revenues to expenses and presents the net income (or loss) from a period of time

Which is the BEST description of a balance sheet?
ANSWER - a statement that balances assets to liabilities and equity

Which option is a long-term financial goal?
ANSWER - saving for retirement

1 answer

All correct thank you:)

Did you know?

Did you know that your Social Security number is often not included in a bank statement? This makes bank statements more secure as it prevents unauthorized access to personal information. Did you know that the most common transactions that appear on a bank statement are deposits and transfers? These are the primary activities that reflect money coming into and going out of an account. Did you know that an income statement is a financial statement that compares revenues to expenses and presents the net income or loss over a specific period of time? This helps individuals and businesses assess their financial performance. Did you know that a balance sheet is a financial statement that balances assets to liabilities and equity? This statement provides a snapshot of an entity's financial position at a given time. Did you know that saving for retirement is considered a long-term financial goal? It's important to start early and consistently save for retirement to ensure financial security in the future.