The Beginning Balance in Cash Was $3,500

question 108

Multiple Choice

The beginning balance in Cash was $3,500. Additional cash of $1,000 was received. Cheques were written totaling $1,500. The cash balance is

• A) $2,000 debit.
• B) $6,000 debit.
• C) $4,500 credit.
• D) $3,000 debit.

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Definitions:

Quintile

A statistical value that divides a set of data into five equal parts, each representing 20% of the distributed population.

Unemployment Benefits

Payments made by authorized bodies to unemployed people, intended to provide a temporary source of income while they seek new employment.

Social Security System

A government program that provides financial protection against economic risks (e.g., retirement, disability, unemployment) to its citizens.

Progressive Income Tax

A tax system in which the tax rate increases as the taxable amount increases, resulting in higher earners paying a larger percentage of their income in taxes than lower earners.