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Graded Assignment Section 6 Study Questions
Instructions
Save the file in your Finance folder, and name it with Study, the section number, and your first initial and last name. For example, Jessie Robinson's study questions for Section 1 would be named Study1JRobinson.
Answer the questions for each lesson on the same day that you read the lesson. Save the file before closing it each day. Then turn in your answers to the study questions at the end of the section. Review Lesson 4 of the Course Overview for instructions about turning in your study questions.
Assignment
Total score: ____ of 9.0 points
Answer each question fully. Complete sentences are not necessary.
Lesson 1
(Score for Question 1: ___ of 0.5 points)
•
What is credit?
Answer:
A commitment to pay for something in the future, instead of paying for it right away.
(Score for Question 2: ___ of 0.5 points)
•
What is a credit score?
Answer:
A number that tells lenders how likely you are to make payments on time.
(Score for Question 3: ___ of 0.5 points)
•
What is installment credit?
Answer:
When you borrow a specific amount and agree to pay it in a specific number of payments of equal amounts. (Score for Question 4: ___ of 0.5 points)
•
What is revolving credit?
Answer:
When you are approved for borrowing up to a specific credit limit, and you can choose how much of that credit to use and when to pay it off. (Score for Question 5: ___ of 0.5 points)
•
What is noninstallment credit?
Answer:
Credit that is paid all at once, in a single payment. It is usually very short term, and it doesn't usually make the borrower pay an interest rate. (Score for Question 6: ___ of 0.5 points)
•
Name at least one section of a credit report.
Answer:
Credit history
Lesson 2
(Score for Question 1: ___ of 0.5 points)
•
Name at least one of the steps in establishing credit.
Answer:
Open a bank account.
(Score for Question 2: ___ of 0.5 points)
•
Name at least one alternate option to establishing credit if you are unable to get a credit card yet.
Answer:
Department store or gas cards.
(Score for Question 3: ___ of 0.5 points)
•
What is debt services default?
Answer:
The failure to make a payment, such as a scheduled mortgage payment or finance charge on a credit card. (Score for Question 4: ___ of 0.5 points)
•
What is the Better Business Bureau?
Answer:
An organization that reports on the reliablity and ethics of companies and other organizations.
(Score for Question 5: ___ of 0.5 points)
•
What is a debt settlement program?
Answer:
Programs that claim they can get you out of debt by negotiating your debt to much lower amount
and working out a payment plan with your creditors. (Score for Question 6: ___ of 0.5 points)
•
What is bankruptcy?
Answer:
The inability to pay back your creditors, to extent that you file legal paper that put your finances under the supervision of the court system.
Lesson 3
(Score for Question 1: ___ of 0.5 points)
•
What is an annual percentage rate?
Answer:
An annual interest rate that doesn't take into account any compounding of interest that happenes during that year. (Score for Question 2: ___ of 0.5 points)
•
What is an annual percentage yield?
Answer:
An annual interest rate that does take into account compounding that happens during that year.
(Score for Question 3: ___ of 0.5 points)
•
Name at least one advantage of credit cards.
Answer:
Building credit.
(Score for Question 4: ___ of 0.5 points)
•
Name at least one disadvantage of credit cards.
Answer:
Feea and Interest. (Score for Question 5: ___ of 0.5 points)
•
If you take out a $1,000 loan for college at 7% interest, what is the principal?
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Answer:
$1,000
(Score for Question 6: ___ of 0.5 points)
•
What is a loan?
Answer:
Money that you borrow from a person or oranization with the commitment to pay back the amount in full, usually with a specific time limit, number of payments, and interest rate agreed on uin advanced.
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Your grandfather has agreed to deposit a certain amount of money each year into an account paying 7.90 percent annually to help you
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What are the future value and the interest earned if $4000 is invested for 3 years at 8% compounded quarterly? (Round your answers to the nearest cent.)
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Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
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O 135300 equivalent units.
O 70200 equivalent units.
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- Hey I was wondering if I can get help with this thank youarrow_forward1. Journal all transactions in Part One 2. Using the chart of accounts, open ledger accounts and post journals to the ledger account. 3. Prepare a trial balance 4. Prepare the following statements: 1. Income Statement 2. Retained Earnings Statements 3. Balance Sheet You need to use Microsoft Excel. Do not use Google Docs or Apple’s numbers. Place your submission in the appropriate journal labeled final project in the learning modules tab in Blackboard. The project is due in Module 15. Three points extra credit to final grade if submitted during Module 14. Part One A. The following transaction occurred for Scrooge Inc. for the month of December 31, 1820. B. Ebenezer Scrooge invested $50,000 cash along in the company in exchange for common stock. C. The company prepaid $500 for 12 month’s rent. D. The company purchased $100 in office supplies. Payment due withing 10 days E. Scrooge Inc. completed services for a client and immediately received $2,000. F. The company completed $1,500…arrow_forwardChapter 2a homework Name Print out and complete this homework assignment. Pay special attention to rounding correctly. A work must be shown to receive full credit; use a separate sheet if necessary. If you are an online student, scan your work and upload. 1. A local coffee shop reported that its sales have increased exactly 16% per year for the last 2 years. This year's sales were $81,612. What were the coffee shop's sales 2 years ago? Hint: Calculate only one years' sales at a time, (Round each year's sales to the nearest dollar.) Sales 2 years ago 2. Richard Dawks, a lawyer, charges Gunderson's Hardware, his client, 25% of what he can colle for Gunderson from customers whose accounts are past due. The attorney also charges, in addition to the 25%, a flat fee of $50 per customer. This month, Richard collected $8,800 from four of Gunderson's past-due customers, What is the total fee due to Richard? Total fee due Richard 3. Abby bought four Dunlop tires at a local Goodyear store. The…arrow_forward
- Eat min C e New tab Λ Content xW Quiz 3-MAT-143, section 03F, Fa X + Q A ✩ https://www.webassign.net/web/Student/Assignment-Responses/last?dep=34832472 Viewing Saved Work Revert to Last Response DETAILS MY NOTES You deposit $850 in an account paying an annual simple interest rate of 7.8%. Find the future value of the investment (in dollars) after 1 year. DETAILS MY NOTES Calculate the simple interest due (in dollars) on a 40-day loan of $1,600 if the annual interest rate is 9%. (Use 360 days in 1 year.) $ DETAILS MY NOTESarrow_forwardmyOpenMath Course Messages Forums Calendar | Gradebook Home > Math 173-4 Spring 2024> Assessment Quiz 2 (Sec. 1.5-1.7) 54 points possible 5/12 answered Question 6 The graph of the function y = f(x - 39) can be obtained from the graph of y = f(x) by one of the following actions: > Next Question Home | My Oshifting the graph of f(x) to the right 39 units shifting the graph of f(x) to the left 39 units shifting the graph of f(x) upwards 39 units shifting the graph of f(x) downwards 39 unitsarrow_forward* CengageNOWv2 | On x * Cengage Learning B Milestone Two Guidel G module 5 problem set x blem Set: Mod x now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogres.. eBook Show Me How Proceeds from Notes Payable On January 26, Bella Co. borrowed cash from Conrad Bank by issuing a 30-day note with a face amount of $48,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. b. Determine the proceeds of the note, assuming the note is discounted at 6%. Check My Work The proceeds equal the cash initially received. Proceeds represents how much in value the borrower is walking away with in cash on merchandise. Previous Next Check My Work 1:36 PM 54°F A O E A 4 11/28/2021 %23arrow_forward
- Edit View History Bookmarks Profiles Tab Window Help M 100% M Sun 11:24 AM as College WP Ch 05 Homework Assignment X wP NWP Assessment Player UI Ap X ducation.wiley.com/was/ui/v2/assessment-player/index.html?launchld=73f9082f-68e7-46db-a4b3-509e5b6e0e6d#/question/0 mework Assignment Question 1 of 2 - / 5 Ayayai Mowers Ltd. agreed to sell the City of Halifax four riding mowers and 20 push lawn mowers. The contract price was $72,00O. Ayayai normally sells its riding mowers for $14,400 and its push lawn mowers for $960. The contract required the City of Halifax to pay Ayayai once all of the merchandise has been delivered to the city's public works yard. Ayayai's management does not expect any returns or any issues with payment. Ayayai delivered all four of the riding mowers and 14 of the push mowers on April 26. The remaining six push mowers were delivered on May 5. Ayayai received payment from the city on May 18. Ayayai's cost for each riding mower is $9,960, while the push mowers cost…arrow_forward* 00 A myopenmath.com Google Wikipedia LinkedIn Yelp TripAdvisor Making the C..i Law Review https://www...ends_v05.pdf oud Yahoo Bing The Weather Channel Facebook Twitter Montgomery County Community College C My Overview | Chegg.com Bb Announcements - 2021FA_MAT106AOSA Math Applica.. myOpenMath Home | My Classes ♥ | User Settings Log Out Course Messages Forums Calendar Gradebook Home > MAT106A OSA Fall 21 > Assessment Problem Set 1: Finance Progress saved Done Score: 2/50 1/20 answered Question 16 B 0/2 pts You can afford a $250 per month car payment. You've found a 4 year loan at 6% interest. How big of a loan can you afford? Submit Question MacBook Air 08 F3 F7 F1 F2 23 2$ 3. 4. 2. M R. Sarrow_forwardwhats the answer for number 2arrow_forward
- Screenshot of question is attached. thanks in advancearrow_forwardAssignment: Chapter 12 Homework Time Remaining: 0:58:20 Questions Problem 12.08 (New Project Analysis) 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 0 eBook Assignment Score: 78.57% Save Submit Assignment for Grading Question 4 of 14 ► Check My Work You must evaluate the purchase of a proposed spectrometer for the R&D department. The purchase price of the spectrometer including modifications is $140,000, and the equipment will be fully depreciated at the time of purchase. The equipment would be sold after 3 years for $32,000. The equipment would require an $8,000 increase in net operating working capital (spare parts inventory). The project would have no effect on revenues, but it should save the firm $43,000 per year in before-tax labor costs. The firm's marginal federal-plus-state tax rate is 25%. a. What is the initial investment outlay for the spectrometer after bonus depreciation is considered, that is, what is the Year 0 project cash flow? Enter your answer as a positive value.…arrow_forwardAssignment 6.1: Session 6 Comprehensive Problem (Chapter 8) Instructions In this session, we have a 6-part comprehensive problem. Download the Session 6 Comprehensive Problem Templates below to complete the 6 required parts of the problem. You will need your Bergevin and MacQueen book for reference. Rancho Cucamonga Inc. began business on January 1, 2020. The firm earned $100 from sales in its first year of business. Rancho Cucamonga collected $90 of revenue earned in cash during 2020 and reported a $10 account receivable on its 2020 balance sheet. The firm paid $70 cash for operating expenses in 2020 and reported a $5 account payable for unpaid operating expenses on its 2020 balance sheet. Income tax laws only recognize cash collected from sales and cash paid for expenses as taxable items in the year collected or paid. Rancho Cucamonga also reported a $10 fine, paid in cash, to the federal government for unfair business practices. Generally accepted accounting principles allow firms…arrow_forward
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