Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
106 Cards in this Set
- Front
- Back
What is the main advantage of a traditional IRA compared to a Roth IRA
|
With a traditional IRA, contributions are often tax deductible;
|
|
What happens to you if you withdraw money from a Traditional IRA before age 59 ½ ?
|
IRA gets 19% of early distribution penalty
|
|
Are contributions to a Roth ITA tax deductible
|
NO
|
|
For an employee with a tax rate of 25%, how much is the short-term income tax savings that comes from a $3,000 contribution to a 401(k) account?
|
$750
|
|
How large was the annualized return on investment that was promised to upgraded members of 12 daily PRO?
|
1,300%
|
|
What is the Ponzi scheme?
|
A fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors.”
|
|
What is the “better estimate” of how much was lost by the investors in Bernie Madoff’s scheme?
|
between 12 and 20 billion
|
|
What is the goal of a portfolio manager for an actively-managed fund?
|
Beat the marke
|
|
Over a 3-year time horizon, what fraction of actively-managed funds beat the S&P 500 Index?
|
9.7%
|
|
What is Baby Step #1 in Dave Ramsey’s Seven Baby Steps to financial peace?
|
put $1000 to an emergency fund
|
|
Which economic theory is illustrated with the Laffer Curve
|
Supply side economics
|
|
Which basic tax planning strategy is illustrated with a 401(k) plan?
|
Shift income from one time period to another.
|
|
Can we, as individual investors, use our ability to analyze financial statements to identify winning and losing stocks?
|
No
|
|
hich ONE of the following is FALSE with respect to managed funds and index funds?
|
The stocks are chosen by a simple mathematical rule in a managed fund
|
|
what is the marginal tax rate
|
how much tax they should pay if they make one more dolar.
|
|
What is a progressive tax system
|
as income increase, higher tax you pay
|
|
What is a flat tax system
|
For all income above $50, the income tax rate is 50%...they want same tax for everyone.
|
|
what is income tax planning...
|
1. shift income from one time period to another
2. shift income one pocket to another 3. change the character of the income. |
|
Who is ROTH IRA good for
|
those with very low income and pay very low tax rate
|
|
What are product costs
|
costs associated with goods and services offered to customers
|
|
What are period costs
|
All other costs of operating a business. These costs are generally referred as operating expenses or selling and administration expenses
|
|
What is job order costing
|
When a simple average of total manufacturing costs of a factory over the number of units produced would not distinguish the unique costs of the different products and so it is a system in which manufacturing costs are accumulated by separate product orders or batches
|
|
what is Manufacturing overhead
|
is defined as all costs incurred in the manufacturing process other than direct materials and direct labor.
|
|
How to do application of Man. overhead
|
Debit WIP
Credit Manufacturing overhead |
|
What costs are debited to WIP?
|
Direct materials, direct labor, and applied manufacturing overhead
|
|
In Lily icevream example, what was the cost driver of the operating the ice gream production process
|
gallons of ice cream produced
|
|
What was the cost driver of producing a specific batch of ice cream
|
batches produced
|
|
What was the cost of the servicing the special needs of each individual ice cream flavor
|
number of ingredients
|
|
What was the cost driver of keeping the factor open
|
NONE
|
|
which ONE of the following circumstances is cost an important input into determining selling price?
|
when products are specialized
|
|
If Boeing allocates overhead based on direct labor hours, which ONE of the following mistakes will Boeing make?
|
Some unprofitable orders are accepted.
|
|
In total variable cost graph, the slope is...
|
Variable cost per unit.
|
|
What is the definition of variable cost:
|
Cost that varies in total with changes in volume but are fixed per unit
|
|
what is represented with the intercept of the total cost line
|
it is the fixed cost
|
|
What is relevant range?
|
The range of volume over which the variable cost per unit is expected to remain the same.
|
|
In sales revenue graph, what it te slope?
|
Sales price per unit
|
|
What is fixed cost:
|
It decreases with increase in volume...
|
|
Are variable cost per unit fixed in a relevant range?
|
true
|
|
What is the slope of the total cost line
|
Variable cost per Unit
|
|
What is a mixed cost
|
costs that have fixed and variable portion.
|
|
what is CM ratio:
|
(S-VC)/S
|
|
What is the Job Banks
|
Where UAW workers get paid without working on the assembly line
|
|
What are the benefits of budgeting
|
communication
setting goals problem resolution coordination authorization performance eval motivation |
|
What is the correct sequence of a budget of a manufacturing business
|
sales-->production budget--> direct labor
|
|
What is the correct sequence of a budget of a merchandising
|
Sales-->inventory purchase budget-->cash flow budget
|
|
What is strategic planning
|
decisions regarding long-range questions as which products to make and sell, how to market, how to finance
|
|
What is the Job Banks
|
Where UAW workers get paid without working on the assembly line
|
|
What are the benefits of budgeting
|
communication
setting goals problem resolution coordination authorization performance eval motivation |
|
What is the correct sequence of a budget of a manufacturing business
|
sales-->production budget--> direct labor
|
|
What is the correct sequence of a budget of a merchandising
|
Sales-->inventory purchase budget-->cash flow budget
|
|
What is strategic planning
|
decisions regarding long-range questions as which products to make and sell, how to market, how to finance
|
|
What is capital budgeting
|
planning for the acquisition of operational or long-term assets such as PPE
|
|
What is operational budgeting
|
detailed plans of IMMEDIATE goals for prospective sales, production, expenses. etc.
|
|
Refer to United States federal budget. What is the total forecasted budget deficit for the years 2012 through 2021?
|
$7.205 trillion
|
|
Refer to United States federal budget. As of the end of fiscal year 2012, it is forecast that the debt held by the public will be $11.881 trillion. What is this amount as a percentage of GDP?
|
7.51%
|
|
Refer to the family finances information at www.lds.org. What is the very first sentence in the section labeled “Use a Budget”
|
Keep a record of your spending
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
For 2012 the forecasted budget is 1.01 trillion. What is this forcasted deficit as a percentage of GDP?
|
7%
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
What are the five topics listed under family finances
|
1. pay tithe
2. avoid debt 3. use a budget 4. build a reserve 5. teach family members |
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
What is a differntial cost
|
Future cost and revenues that vary among decision alternatives...
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|
|
what are relevant costs
|
costs and revenues which affect our decision
|
|
According to the Packet, how should the following sentence be completed? – “A good mission statement is specific enough to identify what types of activities a company should focus on as well a
|
what the company should not do
|