1. Which of the following would be considered an intangible asset?

a. a licensing agreement

b. a promissory note

c. a treasury bond

d. a fixed annuity

2. Value that is attributed to a company based on their reputation and brand recognition is recorded in the ________ account

a. intangibles

b. intellectual property

c. goodwill

d. shareholder's equity

3. Assets that cannot be quickly converted into cash are referred to as:

a. long-term assets

b. tangible assets

c. cash equivalent assets

d. real assets

4. On the balance sheet, inventory is considered a:

a. current liablity

b. current asset

c. fixed asset

d. property, plant, and equipment