Answered: 3. What are the benefits of having a…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. I have read and reviewed the materials for Lessons 1-3. yes/no 2. Review the savings options (page 10): Savings Account, CD, MMDA, US Savings Bond 3. What are the benefits of having a savings account? 4. What is meant by Time Value of Money (TVM)? 5. What is a windfall? Identify 3 types. 6. What are the benefits of beginning savings at an early age? 7. List the process of buying a stock. 8. What are assets? Describe some. 9. What is the difference between Growth Investment and Income Investment? 10. What is the annual average rate of inflation? 11. Shelia earns $12.00 per hour. During her performance review, her boss gave her a $0.35 raise. Is this enough to keep up with the annual average rate of inflation? 12. Marcos earns $8.75 per hour. He is planning on asking the boss for an hourly raise increase to cover the annual cost of inflation. How much of an increase per hour should he ask for? 13. Suppose you invest $4000 in a Simple Interest account, at an APR of 3% for 10 years. What is your account balance at the end of the 10-year period? 14. Suppose you invest $4000 in a Compound Interest account, at an APR of 3% for 10 years. What is your account balance at the end of the 10-year period? 15. Round $876.4356 to the nearest cent.

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