Multiple Choice Questions:

1. A symbol or name used to identify a product or service is called a

a) Copyright.

b) Patent.

c) Trademark.

d) License.

2. A retail company has goods available for sale of $500,000 at retail and $200,000 at cost and ending inventory of $57,000 at retail. What is the estimated cost of goods sold?

a) $143,000

b) $188,600

c) $177,200

d) $165,800

3. Which of the following does not represent a liability?

a) An obligation for estimated income taxes payable

b) Interest that has accrued on a bank loan

c) An obligation to pay for goods purchased, payable one year after purchase

d) An obligation for future purchases of goods

4. The future value of an ordinary annuity table would not include the factor

a) 0.909.

b) 2.010.

c) 20.300.

d) 1.000.