TeeGrades

Strategic Risk Hazard Risk Operational Risk Financial Risk - What are the 4 classifications of risks in the risk quadrant? Strategic Risk - Risk with uncertainties associated with the organization's long-term goals and management decisions Operational Risk - Risk with uncertainties associated with the organization's procedures, systems and policies Financial Risk - Risk with uncertainties associated with the organization's financial activities Facilitated Workshops...

strategic risk - uncertainties associated with the organizations long term goals and management decisions operational risk - uncertainties associated with the organizations procedures, systems, and policies financial risk - uncertainties associated with the organizations financial activities facilitated workshops - a neutral party, who has no stake int he outcome or participation responsibilities, administers the risk workshop and propels the group to achieve its goal del...

HAZOP Process Steps - 1. Divide project/system into small components 2. Review components to identify risk 3. Identify cause and potential outcomes of risks 4. Develop solutions to risks 5. Ensure solutions work and reevaluate SWOT analysis (strengths, weaknesses, opportunities, threats) - A SWOT analysis is useful when there is a specific goal, such as determining whether engaging in a new product or project is feasible. It's less useful for analyzing current processes and procedu...

A risk map showing a large difference between inherent and residual risk indicates which one of the following? A. The risk is within the organization's risk appetite B. The current risk treatment is ineffective C. The current risk treatment is effective D. The risk does not need to be treated - C Lucas, a risk professional for Jones Incorporated, recently met with experts from the utility industry to discuss the potential loss of supply and risks to the infrastructure. Lucas must now ...

holistic approach to managing risk - -broader in scope, managing all areas of the business, not just hazard risks -encompasses the analysis and predictability of business processes and organizational decisions -mandates the collaboration of internal and external stakeholders to identify, assess, and treat risks -involves looking at what might be gained from decisions or actions -can uncover inconsistencies in how a company managers loss retention -can help orgs better absorb losses st...

ATI PN Comprehensive Predictor Exam Bundle

What income reporting form should an independent contractor sometimes receive from the person who paid him for his services? - Form 1099-MISC (15.6) Schedule C, Line F asks for the accounting method used in the business. What is the difference between the cash method and the accrual method of accounting? - • Under the accrual method, total sales and total charges for services are included in income even though payment may be received in another tax year. • Under the cash method, o...

What is the difference between earned income and unearned income? - Earned income is received for services performed. Some examples of earned income include wages, commissions, tips, farming, and other business income. Unearned income is taxable income that does not meet the definition of earned income. Examples of unearned income include interest income, dividends, rents and royalties, pensions, alimony, and unemployment income. If an employee thinks their Form W-2 is incorrect, what sho...

A deferred compensation plan available through a wide range of employers. Contributions to a 401(k) plan are tax-deferred to the employee (income tax is not charged on the amount of the contribution at the time it is made). Distributions from the plan are taxed as ordinary income to the recipient when received. - 401[K] A retirement plan available to employees of many public educational institutions and tax-exempt organizations. Also known as a tax-sheltered annuity plan. - 403[B] A ...

interest rate - the amount you pay or earn for borrowing or loaning money compound interest - interest on interest, basically interest plus time equals interest on your interest which equals increasing amounts of money NSF fee - charged by the bank because you do not have enough money to cover the check/charge returned check fee - charged by the person/company you wrote the check/made the debit card charge because you did not have sufficient funds to cover the check/charge ...

Where should unemployment compensation be reported on Form 1040? Schedule 1, line 7 What form is used to report long-term disability benefits to the taxpayer? 1099-R Which of the following nondependent taxpayers is NOT eligible to claim the student loan interest deduction? A taxpayer filing married filing separately Which qualifying child requirement does Morris fail? Morris, the potential dependent, is a single 20-year-old man. He is a full-time student at the local university...

Carolyn earned $52,000 as a full-time employee in 2018. Due to procrastination and denial, she did not prepare her 2018 income tax return until June 23, 2019. Carolyn did not file the return until August 1, 2019. She did not request an extension of time to file. Her return showed a balance due of $1,500. What is her penalty? - The IRS assesses a late filing penalty for four months. Carolyn's penalty is $300 [5% x 4 x $1,500]. Julie filed her 2018 income tax return on April 15, 2019, with ...

Wage - Compensation, usually financial, received by workers in exchange for their work. Adjusted gross income (AGI) - Equals gross income, less reductions that are allowable, regardless of whether personal deductions are itemized. Credits - Reductions of tax liablility allowed for various purposes to tax payers who meet the qualifications. Some are refundable some are non-refundable. Some credits may be carried to different years. Refundable credits - Credits where the IRS w...

Tony (28) and Adam (27) are cousins and lived in the same home throughout 2017. Adam only earned $2,500 in 2017. Tony earned $25,000 in 2017. What test does he meet? Adam meets the relationship and member of household test for Tony, since Adam lived with Tony the entire year. Tony may be able to claim Adam as a qualifying relative dependent. Note: Being cousins alone will not meet the relationship test for qualifying relative, because a cousin is not listed as a specific relative relations...

A tax returner or claim for refund requiring a paid tax return preparer to determine eligibility for EITC, CTC/ODC/ ACTC, AOTC, and the head of household filling status may be subject to a maximum penalty, totaling what amount for failure to meet due diligence requirements if all four are claimed on a single tax return? - a,$2,120 the deduction for state and local income taxes is limited to what amount? - a. $10,000 ($5,000 if MFS). A married couple who materially participate in the ...

Income - is financial gain derived from labor (work), capital (money), or a combination of the two. The financial gain derived from labor is generally referred to as wages. Unless specifically exempt or excluded by law, all income is subject to income tax and is reported on a tax return. Gross Income - means all worldwide income from whatever source derived, unless specifically excluded from taxation by law. Gross income includes income realized in any form, whether in money, property, ...

Which of the following is a requirement for all taxpayers who want to claim the EIC? Live in the U.S. for more than half a year. Have a valid social security number. Have a qualifying child dependent. Have AGI less than $21,430 ($27,380 MFJ). - Have a valid social security number. A combined due diligence penalty of $2,180 would indicate a penalty for which of the following? EIC, CTC/ODC/ACTC, and head of household. EIC, AOTC, and CTC/ODC/ACTC. EIC, AOTC, CTC/ODC/ACTC, and head ...

Which of the following is considered earned income? C - a) Interest from a bank b) Unemployment compensation c) Income from farming d) Gambling winnings The tax on income that comes entirely from wages under $100,000 is determined according to the: A - a) Tax Tables b) Tax Computation Worksheet c) Qualified Dividends and Capital Gain Tax Worksheet d) Schedule D Tax Worksheet Which of the following shows these numbers rounded correctly: $31.43, $143.57, $369.22, $1,547.88. B - ...

Adjustable rate mortgage (ARM) - (ARM) A mortgage that permits the lender to periodically adjust the interest rate to reflect fluctuations in the cost of money. auto insurance - Insurance to protect a car owner in the event of an accident or damage to a vehicle. budget - A detailed plan of income and expenses expected over a certain period of time cash flow - the difference between cash coming in and cash going out of a business certificate of deposit - a certificate i...

Due Diligence - Requirements that tax professionals must follow when preparing income tax returns. Estimated Tax - The amount of tax a taxpayer expects to owe for the year after subtracting expected amounts withheld and certain refundable credits. Estimated Tax Voucher - A statement by an individual of (1) the amount of income tax he estimates he will incur during the current taxable year on income that is not subject to withholding, (2) the excess amount over that withheld on inc...