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Tutor profile: Olivia K.

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Olivia K.
Teacher of Personal Finance for 4 years
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Questions

Subject: Risk Management and Insurance

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Question:

What is the primary purpose of life insurance?

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Olivia K.
Answer:

To provide money and resources to people that are dependent on your income and earnings for their livelihood. Life Insurance is usually purchased to protect spouses, children and other dependents in the event of a "bread winners" premature death,

Subject: Personal Finance

TutorMe
Question:

The Time Value of Money states that $200 received today is worth more than $200 received in the future. Why?

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Olivia K.
Answer:

If you choose to invest that $200 in the stock market, and you earn an 8% return in 1 year, you will have $216. If I gave you that same $200 (1) year later, you would have $16 less, because you don't have the TIME that you had to invest the money than if I would have given you that $200 a year ago. Basically, the $200 is used as a tool to "create" more money for yourself in the future. So the sooner you have access to that tool, the more money you'll inevitably have in the future.

Subject: Accounting

TutorMe
Question:

When reporting revenues on the income statement, what is the difference between accrual basis and cash basis accounting?

Inactive
Olivia K.
Answer:

Under the accrual basis method, revenues are reported when they are EARNED. Under the cash basis method, revenues are reported when CASH IS RECEIVED. The difference between the two lies in when money hits the bank account of the company. Under accrual, if a customer wants to buy your product, then hands you his credit card, then you would count that as revenue immediately. Under cash, in that same scenario, you would not report the revenue until the credit card company sent you the actual dollars for the purchase, which could take 3 - 5 days.

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