Earning and Spending Unit Test

9 of 159 of 15 Items

Question
How can you deposit a paper check?(1 point)
Responses

Visit a local bank branch and deposit it with a teller.
Visit a local bank branch and deposit it with a teller.

Call the bank and give the check number.
Call the bank and give the check number.

Use your bank’s mobile banking app and the camera on your smartphone.
Use your bank’s mobile banking app and the camera on your smartphone.

A and C
A and C

The correct response is A and C. You can deposit a paper check by visiting a local bank branch and depositing it with a teller, or by using your bank's mobile banking app and the camera on your smartphone.

What is typically included in COGS? (1 point)

Responses

raw materials
raw materials

storage costs for the inventory
storage costs for the inventory

wages associated with creating the item
wages associated with creating the item

All of the answers are correct.

All of the answers are correct. Typically, the cost of goods sold (COGS) includes the cost of raw materials, storage costs for the inventory, and wages associated with creating the item.

What is typically considered part of SG&A? Select the two correct answers.(1 point)

Responses

factory costs
factory costs

billing costs
billing costs

commissions
commissions

wages payable
wages payable

materials costs

The correct responses are billing costs and commissions. These are typically considered part of Selling, General, and Administrative expenses (SG&A). Factory costs, wages payable, and materials costs are typically categorized under the cost of goods sold (COGS) rather than SG&A.

What is another term for “income statement”? (1 point)

Responses

“book value”
“book value”

“operating expenses”
“operating expenses”

“statement of cash flow”
“statement of cash flow”

“profit and loss (P&L) statement”

The correct response is "profit and loss (P&L) statement." Another term for "income statement" is "profit and loss (P&L) statement."

What is another name for an emergency fund? (1 point)

Responses

401(k)
401(k)

long-term debt
long-term debt

take-home pay
take-home pay

a rainy-day fund

The correct response is "a rainy-day fund." Another name for an emergency fund is "a rainy-day fund."

What is defined as a budget surplus? (1 point)

Responses

Spending exceeds income.
Spending exceeds income.

A spending necessity.
A spending necessity.

A spending desire or luxury.
A spending desire or luxury.

Take-home pay exceeds spending.
Take-home pay exceeds spending.