1. A ____________ is the financial statement that details what an organization owns, its assets, and what it owes, its liabilities, all as of a particular point in time.

   • income statement
   • balance sheet
   • statement of cash flows
   • statement of operations

2. The balance sheet provides a window into the likelihood that an organization may become insolvent.

   • True
   • False

3. All of the balances on Walmarts balance sheet are in ___________.

   • hundreds
   • thousands
   • trillions
   • millions

4. Liabilities + shareholders equity = ______________.

   • shareholders
   • equity
   • assets
   • All of the above.

5. On the balance sheet, assets and liabilities are segregated into two distinct buckets; current and ___________.

   • non-current
   • current
   • cash flows
   • All of the above.

6. Which of the following is an example of a cash equivalent?

   • money market account
   • three-month certificate of deposit from a bank
   • United States treasury bill
   • All of the above

7. We can figure out everything about the companys finances by using only the balance sheet.

   • True
   • False