Income and Expenditures Questions Assignment
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Income and Expenditures Questions Assignment
- Elena is a housewife turned entrepreneur and runs a small business selling Mexican crafts. She decides to get a rewards credit card in order to buy the raw material for her products.
Which of the following would indicate that Elena should opt for a regular credit card instead of a rewards card?
- A) She plans to pay only the minimum payment each month and carry a high monthly balance.
- B) She plans to pay only the minimum payment each month and carry a high monthly balance.
- C) She plans to pay off the credit card balance in full each month.
- D) She wants to earn airline and hotel travel points to use for business traveL
2) William’s grandparents wrote him a check of $5,000 for his college education. On the back of the check, they write William’s bank account number, his bank’s name, and write “For deposit only.”
How does this type of endorsement help William?
- A) It helps ensure that the amount can only be deposited in William’s bank account.
- B) It helps William transfer the amount back to his grandparents using the same check.
- C) It helps William transfer the amount back to his grandparents using the same check.
D)It helps ensure that anyone in possession of the check can cash it.
3) Kaylee lives with her 8-year-old daughter.
What condition should Kaylee fulfill to file her taxes under the Head of Household filing status?
- A) She must be the only earning spouse.
- B) She must be the only earning spouse.
- C) She must be the only earning spouse.
- D) She must be the only earning spouse.
4) Which of the following is an example of secured debt?
A)Paying for a movie ticket using a credit card
B)Paying for a movie ticket using a credit card
- C) Paying a utility bill using direct debit from a bank account
- D) Paying a utility bill using direct debit from a bank account
5) In which of the following scenarios would a check be the most productive method of payment?
- A) Carla is new to the country and doesn’t have a bank account.
- B) Beena wants to save money and avoid buying on impulse.
- C) Oliver often needs to make purchases on credi
- D) In his business, Michael often needs to quickly send money to other people’s accounts.
6) In which of the following cases does the person receive income as a lender?
- A) As a shareholder in a business, Eli receives a share in the profits every year.
- B) Chris, a salesperson, receives a commission on every car he sells.
- C) Rowena receives income from interest earned from a credit union account.
- D) Anita receives alimony and child support payments from her ex-husband.
7) In what kind of business structure is each owner responsible for the mistakes and business decisions of the other owners?
- A) A limited liability company
- B) A corporation
- C) A sole proprietorship
- D) A sole proprietorship
8)Excess federal income tax withholdings occur when __________.
- A) the taxpayer avails tax credits for dependent children
- B) the federal income tax due is more than the actual amount paid
- C) the federal income tax paid is more than the actual tax due
- D) the taxpayer avails health insurance tax credits
9) Which of the following can have an unfavorable impact on Ian’s credit report?
- A) Having two different credit cards
- B) Purchasing a vehicle by opting for an auto loan and pledging it as collateral
C)Losing his previous property to foreclosure
- D) Opting for student loans, toward which he makes regular payments
10) Kama bought 20 shares, each costing $750. She decides to resell her shares for $17,250. She pays 16% commission.
Calculate Kama’s income after selling her shares.
A)Kama loses $510.
B)Kama loses $510.
C)Kama loses $510.
- D) Kama gains $510.
11) Lily earns $80,000 a year and saves $8,000. The formula for savings ratio is as follows:
Savings Ratio = Savings ÷ Income
How much more should Lily save to be productive and reach her targeted savings ratio of 12%?
- A) $2,000
- B) $1,200
- C) $2,400
- D) $1,600
12) Who among the following people receives a bonus as part of their income?
- A) Anni, who earns a percentage of the selling price of every house she sells
- B) Paul, who receives an extra $5,000 each year if he performs well on the job
- C) Agnetha, who earns a fixed monthly income of $5,000 at her job
- D) Simon, who earns double his hourly rate when he works on Sundays
13) Luis, a small business owner, takes out a house loan of $130,000 at an annual interest rate of 7%. He pays a fixed monthly installment of $2,700 toward his loan repayment. Should Luis default on the loan, the creditor has placed a lien on his house as collateral.
Which of the following statements is true about Luis’ situation?
- A) The creditor can sell Luis’ house to recover any outstanding payments if Luis fails to repay the loan.
- B) Luis is required to repay the principal amount but is free from paying any additional finance charges.
- C) Luis can expect to pay more than 7% interest on his loan, especially near the end of his loan term.
- D) The creditor can sell Luis’ business should he default on the payments defined by the loan agreement.
14) Logan earns a total of $73,000 annually. He is a single filer and has a taxable income of $50,000. The tax brackets and tax rates are as follows:
$0–$9,525: 10%
$9,525–$38,700: 12%
$38,700–$82,500: 22%Calculate Logan’s effective tax rate.
- A) 9.51%
- B) 22%
- C) 13.87%
- D) 15%
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper. GET THIS PROJECT NOW BY CLICKING ON THIS LINK TO PLACE THE ORDER
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