Keeping Financial Records Answers

An expense is entered as a _____ in a financial ledger.

Muriel has kept track of her income and expenses for the week in the spreadsheet below. How much was Muriel’s restaurant bill?

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.

What does it mean for a set of financial records to be comprehensive?

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. How much did Mario spend on golfing?

Which of the following is least likely to be kept as part of one’s financial records?

What does it mean for a set of financial records to be comprehensive?

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.

Wyatt uses a notebook for keeping financial records. He has placed dividers in the notebook so that it has different sections. Each divider also has a pocket for keeping receipts or other papers related to the records in each section. Wyatt keeps his notebook in his locker at school. Which of the following things about Wyatt’s system of record keeping provides a way to separate his financial details into different categories?

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:TransactionDebit ($)Credit ($)Beginning Balance 578.65Rent275.60---Paycheck---363.20Charitable donation20.00---Keyboard63.29---Refund on purchase---21.19Groceries44.08---Microwave68.74---Ending Balance 491.33However, Jason’s bank statement says that his ending balance is $473.33. Which of the following is a possible explanation for the discrepancy?

An expense is entered as a _____ in a financial ledger.

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?

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?

Marco is reconstructing his expenses for the past two weeks. Here are the records of his expenses:TransactionCost ($)T-shirt20Gas22Movie13Video game39Jeans34Hat15Books31Marco’s bank statement says that he has an ending balance of $81. What is Marco’s starting balance?

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?