In this lesson, we looked at the various taxes that individuals have to pay. In three to four sentences, explain how taxes influence consumer decisions and buying power.

Imagine you borrow $1,100 from your roommate, agreeing to pay her back $1,100 plus 7 percent nominal interest in one year. Assume inflation over the life of the contract is expected to be 3.59 percent.

You had a part time job that paid you $2,650 in one tax year. Do you have to file a federal tax return?

The distinction between a current asset and other assets: A. is based on the ability to determine the current fair value of the asset. B. is based on when the asset is expected to be converted to cash, or used to benefit the entity. C.

Jasmine went to a new salon in the area to get her hair cut and colored. However, the stylist cut her hair shorter than she wanted and wouldn't use the bold red color Jasmine wanted. As a result, Jasmine did not feel good about her purchase.

Smart Solutions Inc. is evaluating a capital project for expansion. The project costs $10,000, and it is expected to generate $5,000 per year for three years. If the firm's required rate of return is 10 percent, what is the project's terminal value?

After completing the closing entries for Revenues and Expenses, the Income Summary account has a credit balance of $1,500. The journal entry to close out the $1,500 credit balance of Income Summary would be:

This has a head and a tail but no leg

Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $2,300 of direct materials and used $3,800 of direct labor.

You visit a new town in the summer and see a person dressed as a duck juggling plastic ice cream cones on the street. This piques your curiosity. You walk toward the duck person and see she is advertising the Mallard ice cream shop.

You are planning on starting your own business in 18 months and you intend to purchase a new home. You have looked carefully at your budget and have determined that you can afford a PITI of $900 per month.