Keeping Financial Records Answers

An expense is entered as a _____ in a financial ledger.a.balanceb.creditc.debitd.savings

Mario spent a total of $87.33 last week, but did not keep a perfect record of where his money went. Fortunately, Mario does have all but one of his receipts. He enters all of the information he has into his expense spreadsheet as shown below. How much did Mario spend on golfing? a. $35.20 b. $45.20 c. $47.88 d. $143.96 Please select the best answer from the choices provided

Kyle uses a spreadsheet to keep track of his spending. This is an example of Kyle’s spreadsheet for two months: Kyle thinks that he could improve this spreadsheet, but he is not sure how. Choose the statement or statements that would help Kyle’s spreadsheet become more organized. I. The spreadsheet should contain at least two copies of every entry for backup purposes. II. It is hard to tell the debits from the credits. They should be in different colors, different columns, or otherwise differentiated. III. Having the dates, or at least the months, of each transaction would make things easier to find. a. I and II b. III only c. II and III d. I, II, and III Please select the best answer from the choices provided

What does it mean for a set of financial records to be comprehensive?a.Comprehensive records are protected against theft and fire.b.The records must contain sufficient information to cover all of your financial plan.c.At least two people must be able to view and assess the records.d.The records must contain every one of your financial files, such as pay stubs and receipts.

Mario spent a total of $87.33 last week, but did not keep a perfect record of where his money went. Fortunately, Mario does have all but one of his receipts. He enters all of the information he has into his expense spreadsheet as shown below. How much did Mario spend on golfing? a. $35.20 b. $45.20 c. $47.88 d. $143.96 Please select the best answer from the choices provided

Which of the following is least likely to be kept as part of one’s financial records?a.A receipt for a dishwasher.b.A receipt for groceries. c.A receipt for taxes paid.d.A receipt for insurance.

What does it mean for a set of financial records to be comprehensive?a.Comprehensive records are protected against theft and fire.b.The records must contain sufficient information to cover all of your financial plan.c.At least two people must be able to view and assess the records.d.The records must contain every one of your financial files, such as pay stubs and receipts.

Kyle uses a spreadsheet to keep track of his spending. This is an example of Kyle’s spreadsheet for two months: Kyle thinks that he could improve this spreadsheet, but he is not sure how. Choose the statement or statements that would help Kyle’s spreadsheet become more organized. I. The spreadsheet should contain at least two copies of every entry for backup purposes. II. It is hard to tell the debits from the credits. They should be in different colors, different columns, or otherwise differentiated. III. Having the dates, or at least the months, of each transaction would make things easier to find. a. I and II b. III only c. II and III d. I, II, and III Please select the best answer from the choices provided

Look at the following financial ledger: Which items listed on the ledger represent credits? a. Credit bill and craft fair b. Gift and online auction c. Gift and insurance payment d. Online auction and craft fair Please select the best answer from the choices provided

Jason keeps a record of his transactions in a notebook. Looking over his records for the past two weeks, Jason finds that his bank statement does not match his notebook, and he actually has less money than he thought he did. These are the relevant entries in Jason’s notebook:TransactionDebit ($)Credit ($)Beginning Balance 578.65Rent275.60---Paycheck---363.20Charitable donation20.00---Keyboard63.29---Refund on purchase---21.19Groceries44.08---Microwave68.74---Ending Balance 491.33However, Jason’s bank statement says that his ending balance is $473.33. Which of the following is a possible explanation for the discrepancy?a.Jason actually made two $20 charitable donations but forgot to write one of them down.b.Jason listed the refund as a credit, but it should be a debit.c.Jason listed the groceries out of habit, but he did not actually purchase them this week.d.Jason transposed the digits on the microwave’s price, which actually cost $86.74.