Personal Finance Ch 4: Keeping Financial Records

Look at the following financial ledger:Which items listed on the ledger represent credits?a.Credit bill and craft fairb.Gift and online auctionc.Gift and insurance paymentd.Online auction and craft fair B
Maya works 16 hours per month at her part-time job earning $6.75 per hour. She earns some additional money house sitting for neighbors and friends. Maya charges $30 per day to house sit if there are no pets. If the house sitting includes pets, then she charges $40 per day. Last month, Maya spent 3 days house sitting with no pets and 5 days house sitting with pets. What is the total amount of earnings Maya had for the month? d
What does it mean for a set of financial records to be comprehensive? b.The records must contain sufficient information to cover all of your financial plan.
An expense is entered as a _____ in a financial ledger. c
Which of the following is least likely to be kept as part of one’s financial records? b
Kyle uses a spreadsheet to keep track of his spending. This is an example of Kyle’s spreadsheet for two months:Kyle thinks that he could improve this spreadsheet, but he is not sure how. Choose the statement or statements that would help Kyle’s spreadsheet become more organized.I. The spreadsheet should contain at least two copies of every entry for backup purposes.II. It is hard to tell the debits from the credits. They should be in different colors, different columns, or otherwise differentiated.III. Having the dates, or at least the months, of each transaction would make things easier to find. c
Mario spent a total of $87.33 last week, but did not keep a perfect record of where his money went. Fortunately, Mario does have all but one of his receipts. He enters all of the information he has into his expense spreadsheet as shown below. a
Which method or methods listed below describe a solid system for keeping financial records?I. Making a mental note of all purchases made during the week.II. Recording money spent in a hand-held notebook.III. Organizing receipts and transactions on a computer. c
Melinda kept a record of her spending for the week. She spent $25 to put gas in the car, bought a new shirt for a total of $22.38, played putt-putt golf with some friends that cost $6.95 and paid $38.71 for a few groceries. What was the total of Melinda’s expenses for the week? d
Marco is reconstructing his expenses for the past two weeks. Here are the records of his expenses:Marco’s bank statement says that he has an ending balance of $81. What is Marco’s starting balance? a
Cassandra is trying to think of a good way to keep her financial records. She makes a lot of purchases, using cash, debit cards, and credit cards about equally. When she gets home every day, she tends to be very tired and doesn’t like to do a lot of organized thinking. She tends to lose individual pieces of paper if she doesn’t file them immediately. What might be a good method for Cassandra to use? d.Carrying a notebook and immediately recording all of her transactions in it.
Jason keeps a record of his transactions in a notebook. Looking over his records for the past two weeks, Jason finds that his bank statement does not match his notebook, and he actually has less money than he thought he did. These are the relevant entries in Jason’s notebook: d
Muriel has kept track of her income and expenses for the week in the spreadsheet below. How much was Muriel’s restaurant bill? b

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