Wendy's Income and Truck Finance Quiz
5 Questions
0 Views

Wendy's Income and Truck Finance Quiz

Created by
@SuaveOxygen

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What was the original purchase price of Wendy's pick-up truck?

  • $40,000
  • $62,000
  • $48,250 (correct)
  • $9,800
  • What was the ending UCC for Wendy's pick-up truck on last year's tax return?

  • $400
  • $9,800 (correct)
  • $48,250
  • $62,000
  • How much of the GST/HST rebate Wendy received was related to CCA on her pick-up truck?

  • $250
  • $400
  • $150 (correct)
  • $300
  • How should Wendy adjust the UCC for her pick-up truck after accounting for the GST/HST rebate related to CCA?

    <p>$9,650</p> Signup and view all the answers

    What is Wendy's annual salary from her job at the construction company?

    <p>$62,000</p> Signup and view all the answers

    Study Notes

    Wendy's Income and Truck

    • Wendy's total income from her construction job is $62,000.
    • Wendy's income is from a monthly salary.
    • Wendy owns a pick-up truck.
    • Wendy purchased the truck for $48,250, including GST/HST.
    • Wendy's ending UCC for the truck on her last year's tax return was $9,800.

    GST/HST Rebate and UCC Adjustment

    • Wendy received a $400 GST/HST rebate in May.
    • $150 of the rebate was in relation to the CCA on her truck.
    • This $150 must be added back to the UCC of her truck.
    • This results in a new UCC value of $10,050 ($9,800 + $150).

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Test your understanding of financial concepts related to Wendy's income and her truck investment. This quiz covers topics such as income calculation, GST/HST rebates, and UCC adjustments. Perfect for accounting and finance students looking to apply theoretical knowledge to practical examples.

    More Like This

    UCC Contracts Quiz
    9 questions

    UCC Contracts Quiz

    FreshestIllumination avatar
    FreshestIllumination
    UCC Student Handbook Quiz
    5 questions
    Common Law and UCC 2-207 Overview
    10 questions
    UCC 2-314 Flashcards
    4 questions

    UCC 2-314 Flashcards

    HandsomeVariable avatar
    HandsomeVariable
    Use Quizgecko on...
    Browser
    Browser