Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

When creating a budget to repay your student loans, you should plan to pay back _____.

the full loan balance in a single payment

whatever amount you have left after other expenses

only the interest accrued each year

at least the minimum required payment each month

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Verified step by step guidance

Understand the concept of student loan repayment: Student loans typically require borrowers to make monthly payments that include both principal and interest. The minimum required payment is the amount set by the lender that must be paid each month to avoid penalties or default.

Identify the options provided in the question: The options include paying the full loan balance in a single payment, paying whatever amount is left after other expenses, paying only the interest accrued each year, or paying at least the minimum required payment each month.

Evaluate each option: Paying the full loan balance in a single payment is unrealistic for most borrowers. Paying whatever amount is left after other expenses may lead to missed payments or penalties. Paying only the interest accrued each year does not reduce the principal balance, prolonging the repayment period.

Recognize the importance of the minimum required payment: Making at least the minimum required payment each month ensures that you stay on track with your repayment plan, avoid penalties, and gradually reduce the loan balance over time.

Conclude that the correct approach is to plan to pay at least the minimum required payment each month, as this is the responsible and practical way to manage student loan repayment.