Once you start saving money, what can be your next step toward financial stability?
using it to pay for a vacation
loaning it to friends
investing it in a wise manner *
using it to pay for a new house
Why is it important to track your income and your expenses?
because knowing whether you can afford your lifestyle or not is the first goal of financial literacy
because knowing whether you can afford your lifestyle or not is the only goal of financial literacy
because you need to by law *
because your income will tell you how much money you can save
As you grow older, which of these might make you change your personal finance decisions more?
your family priorities*
your education
your social lifestyle
your entertainment
Which of the following is an example of how financial goals change due to a value shift?
buying a new wallet due to wear and tear to your current wallet
moving from the city to suburbs after having children
replacing a new phone after losing your old phone
selling your old computer online to have funds for a new computer *
What is typically included in COGS?
raw materials
storage costs for the inventory
wages associated with creating the item
All of the answers are correct.
(I have no idea)
What is typically considered part of SG&A? Select the two correct answers
factory costs
billing costs
commissions
wages payable
materials costs
This isn't the whole test just the ones I wasn't sure about or had no idea.
1) Once you start saving money, what can be your next step toward financial stability?
Investing it in a wise manner
2) Why is it important to track your income and your expenses?
Because knowing whether you can afford your lifestyle or not is the 1st goal of financial literacy
3) As you grow older, which of these might make you change your personal finance decisions more?
Your family priorities
4) Which showed you finance 1st?
Your needs
5) Which of the following is an example of how financial goals change due to value shift?
Moving from the city to suburbs after having children
6) Which expense is a spending want?
Movie tickets
7) Which options show a financial goal? Select the 2 correct answers
Paying off a credit card & saving for college
8) Which is a common way to spend money from your bank to a bank in a different country?
Wire transfer
9) How can you deposit a paper check?
A & C
10) What is typically included in COGS?
All of the answers are correct
11) What is typically considered part of SG&? Slect the 2 correct answers
Billing cost & commissions
12) What is another term for income statement?
profit and loss (P&L) statement
13) What is another name for an emergency fund?
A rainy day fund
14) What is defined as a budget surplus?
Take-home pay exceeds spending
15) Is using 401(K) money in an emergency the best idea?
No, early withdrawal of 401(K) money will incur a penalty
all correct
thank you to jojo fan, 100% correct go give them a thumbs up!
Thank you jojo fan you are 100% correct!
For the question "Once you start saving money, what can be your next step toward financial stability?" the correct answer is "investing it in a wise manner." To achieve financial stability, it is important to not only save money but also make it grow through wise investments that can generate additional income or savings over time.
For the question "Why is it important to track your income and your expenses?" the correct answer is "because knowing whether you can afford your lifestyle or not is the first goal of financial literacy." Tracking your income and expenses allows you to have a clear understanding of your financial situation and determine if you are living within your means or if adjustments need to be made.
For the question "As you grow older, which of these might make you change your personal finance decisions more?" the correct answer is "your family priorities." As your life circumstances change, such as starting a family or having dependents, your financial decisions will likely be influenced by the needs and priorities of your family.
For the question "Which of the following is an example of how financial goals change due to a value shift?" the correct answer is "selling your old computer online to have funds for a new computer." This scenario illustrates a value shift where the individual prioritizes having a new computer over keeping the old one, and takes a financial action (selling the old computer) to support that goal.
For the question "What is typically included in COGS?" the correct answer is "All of the answers are correct." Cost of Goods Sold (COGS) typically includes the cost of raw materials, storage costs for inventory, and wages associated with creating the item. It encompasses all the costs directly related to producing or acquiring the goods that are sold by a company.
For the question "What is typically considered part of SG&A? Select the two correct answers" the correct answers are "billing costs" and "commissions." Selling, General, and Administrative expenses (SG&A) include various costs that are not directly associated with production or acquisition of goods. Examples of SG&A expenses can include sales commissions, billing costs, marketing expenses, and administrative salaries.
Please note that answering these questions correctly required some basic knowledge and understanding of financial concepts. If you have any further questions or need additional clarification, feel free to ask!