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

A good rule of thumb when budgeting for a home is to expect to make a _______ down payment.

50%

20%

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Verified step by step guidance

Understand the concept of a down payment: A down payment is the initial upfront portion of the total purchase price of a home, paid by the buyer. It is typically expressed as a percentage of the home's price.

Review common down payment percentages: In financial accounting and budgeting, typical down payment percentages for homes range from 5% to 20%, depending on factors such as loan type, lender requirements, and buyer's financial situation.

Analyze the options provided in the problem: The options given are 50%, 20%, 2%, and 5%. Consider which percentage aligns with common practices in home budgeting.

Identify the most realistic and widely accepted percentage: Based on industry standards, a 20% down payment is often considered ideal for avoiding private mortgage insurance (PMI) and securing better loan terms.

Conclude that the correct answer is 20%, as it reflects the standard rule of thumb for budgeting a home purchase in financial accounting.