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.
The correct response is "Take-home pay exceeds spending." A budget surplus is defined as when take-home pay exceeds spending, meaning that there is money left over after covering all expenses.
Is using 401(k) money in an emergency the best idea? (1 point)
Responses
Yes, the money is not needed for a long time.
Yes, the money is not needed for a long time.
Yes, the money was deducted pre-tax so there is more of it.
Yes, the money was deducted pre-tax so there is more of it.
No, early withdrawal of 401(k) money will incur a penalty.
No, early withdrawal of 401(k) money will incur a penalty.
No, since you will lose all your money earned.