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Taylor G.
Financial Analyst
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Personal Finance
TutorMe
Question:

Of the investment methods listed below, which is the best option for storing your emergency fund? A. 401K B. IRA C. Interest-bearing checking or savings account

Taylor G.
Answer:

Correct Answer: C Your emergency fund should be liquid. This means you should keep it in a place you can access quickly and easily. If you reach into your retirement account before retirement age, there are hefty penalties and taxes.

Finance
TutorMe
Question:

Which of these represents a Bond? A. Investment that fluctuates based on the stock market B. Debt obligation, a form of borrowing C. Long-term asset not bought or sold in the normal course of business

Taylor G.
Answer:

Correct Answer: B A bond is a debt investment in which an investor loans money to an entity. The entity borrows funds for a defined period of time. Owners of the bonds are debt-holders, or creditors, of the issuer. Bonds are a form of IOUs.

Accounting
TutorMe
Question:

When are revenue and expenses reported on the income statement under cash basis of accounting?

Taylor G.
Answer:

Revenue is reported on the income statement when cash is received from customers. Expenses are reported when the cash is paid out. For example, I own a bike shop in Texas. I received $300 cash in exchange for selling a bike in September. On my income statement, for the month of September, I would report the $300 bike sale. In October, I paid $200 cash for my shop to be repainted. On my October income statement, the $200 expense for painting will be reported.

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