Keeping Financial Records Answers

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

What does it mean to be “in the red?”a.You have more credits than debits.b.You have more debits than credits.c.You cannot find your financial records.d.Your financial records are inaccurate.

Muriel has kept track of her income and expenses for the week in the spreadsheet below. How much was Muriel’s restaurant bill? a. $17.66 b. $42.55 c. $6.35 d. $112.55       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

Cassandra is trying to think of a good way to keep her financial records. She makes a lot of purchases, using cash, debit cards, and credit cards about equally. When she gets home every day, she tends to be very tired and doesn’t like to do a lot of organized thinking. She tends to lose individual pieces of paper if she doesn’t file them immediately. What might be a good method for Cassandra to use?a.Recording all of her daily expenditures in an organizational computer program.b.Keeping and collecting receipts for everything she buys.c.Tracking and collecting her bank and credit statements every month.d.Carrying a notebook and immediately recording all of her transactions in it.

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

Cassandra is trying to think of a good way to keep her financial records. She makes a lot of purchases, using cash, debit cards, and credit cards about equally. When she gets home every day, she tends to be very tired and doesn’t like to do a lot of organized thinking. She tends to lose individual pieces of paper if she doesn’t file them immediately. What might be a good method for Cassandra to use?a.Recording all of her daily expenditures in an organizational computer program.b.Keeping and coll

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

Wyatt uses a notebook for keeping financial records. He has placed dividers in the notebook so that it has different sections. Each divider also has a pocket for keeping receipts or other papers related to the records in each section. Wyatt keeps his notebook in his locker at school. Which of the following things about Wyatt’s system of record keeping provides a way to separate his financial details into different categories? a. The fact that financial records are kept in the notebook.

Melinda kept a record of her spending for the week. She spent $25 to put gas in the car, bought a new shirt for a total of $22.38, played putt-putt golf with some friends that cost $6.95 and paid $38.71 for a few groceries. What was the total of Melinda’s expenses for the week?a.$68.24b.$86.09c.$91.94d.$93.04

Which method or methods listed below describe a solid system for keeping financial records? I. Making a mental note of all purchases made during the week. II. Recording money spent in a hand-held notebook. III. Organizing receipts and transactions on a computer. a. I only b. II only c. II and III d. I, II, and III Please select the best answer from the choices provided

I.

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.

Marco is reconstructing his expenses for the past two weeks. Here are the records of his expenses:TransactionCost ($)T-shirt20Gas22Movie13Video game39Jeans34Hat15Books31Marco’s bank statement says that he has an ending balance of $81. What is Marco’s starting balance?a.$255b.$93c.$174d.$210

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.

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.

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

Maya works 16 hours per month at her part-time job earning $6.75 per hour. She earns some additional money house sitting for neighbors and friends. Maya charges $30 per day to house sit if there are no pets. If the house sitting includes pets, then she charges $40 per day. Last month, Maya spent 3 days house sitting with no pets and 5 days house sitting with pets. What is the total amount of earnings Maya had for the month?a.$270b.$290c.$378d.$398

Transaction

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.

Transaction

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