31. Suzie is ready to make her first payment to Ricky. She is planning on paying $4000 plus her accrued interest.

Using the formula Principal X Interest X 30/365, what would Suzie's total first payment be?

(Enter the full amount as $XXX.XX)

32. Suzie is ready to make her second and final payment of $4,000 plus interest to Ricky.

Using the formula Principal X Interest X 30/365, what would Suzie’s total second and final payment be?

$4,049.32

33. Which Promissory Note component would be entered in section [ 3 ] of the statement below?

I, [_1_], agree to pay [_2_] the following amount of [_3_] with interest at [_4_], by [_5_].

  • Maker
  • Principal Value
  • Payee
  • Stated Interest
  • Time Frame

34. Which Promissory Note component would be entered in section [ 1 ] of the statement below?

I, [_1_], agree to pay [_2_] the following amount of [_3_] with interest at [_4_], by [_5_].

  • Maker
  • Time Frame
  • Payee
  • Principal Value
  • Stated Interest

35. Which Promissory Note component would be entered in section [ 5 ] of the statement below?

I, [_1_], agree to pay [_2_] the following amount of [_3_] with interest at [_4_], by [_5_].

  • Payee
  • Principal Value
  • Maker
  • Stated Interest
  • Time frame

36. Katie runs an ice cream shop called “Cream and Cone,” and has made her mark by selling flavored sugar cones to enhance her customers' enjoyment of all the unique flavors of ice cream. She notices that her Maple-Bacon sugar cone is a hot item, especially when paired with a scoop of Bourbon-Butter Pecan. She has decided to trademark this signature cone and use it as her brand’s star item. She’s calling it her ‘Maple-Bacon Bourbon Blast’. Her new trademark is considered what kind of asset?

  • Non-current
  • Tangible
  • Intangible
  • Current

37. Roger owns a food delivery service that uses couriers on electric skateboards to deliver locally in the business district. His skateboards which are valued at $2,700 are considered which of the following?

  • Inventory
  • Current asset
  • Long-term asset
  • Bad Debt

38. Which of the following is correct?

  • Total Assets + Total Liabilities = Total Equity
  • Total Assets = Total Liabilities + Total Equity
  • Total Equity – Total Liabilities = Total Assets 
  • Total Liabilities – Total Assets = Total Equity

Shuffle Q/A 4

39. True or False. A prepaid expense such as prepaid rent or insurance is initially classified as a liability.

  • False
  • True

40. A copyright is an example of what type of asset?

  • Tangible asset
  • Intangible asset
  • Current asset
  • Long term asset 
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