4. Thirty-five-year-old Filipe saves $9,000 each year from an annual income of $60,000. The formula for savings ratio is as follows: Savings Ratio =Savings Income

What is Filipe's calculated savings ratio?

20%

17%

12%

15%

5. If a business is unable to pay its debts, creditors can claim the assets of the business, but they cannot claim the nonbusiness assets of the owner.

For which type of business structure is this true?

A limited liability company

A sole proprietorship

A general partnership

An independent contractor

6. In which of the following scenarios would a check be the most productive method of payment?

Carla is new to the country and doesn't have a bank account.

In his business, Michael often needs to quickly send money to other people's accounts.

Beena wants to save money and avoid buying on impulse.

Oliver often needs to make purchases on credit.