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AutoSave OFF CORP-QUIZ Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments Calibri (Body) v 11 AA ab Wrap Text v General Insert v Ex AY- O. Delete v Paste BIUV DVAv E Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format v Filter Select L11 X V fx A B C E F G H K L M N 0 P Q MULTIPLE CHOICE QUESTIONS-INSERT ANSWER IN THE BOX TO THE LEFT--EITHER UPPER OR LOWER CASE OK Put cursor in answer blank and use dropdown to select your answers. Choose : Claremont Corporation issued 100,000 shares of $1.00 par common stock at a price of $5.00. How would this transaction affect the net income of Claremont Corporation? A. Increases net income B. Decreases net income C. Increases revenue but not net income D. Has no effect on net income Choose: Carmen Corporation made a net income this year of $80,000. At closing, the net income will be closed to which account? A. Carmen Capital B. Retained Earnings C. Dividends Payable D. Paid in Capital in Excess of Par 10 3 Choose : At what governmental level is a corporation organized? A. Federal level in Washington D. C. B. State level, such as 11 Washington State C. At the city level, such as Seattle D. At the county level, such as King County 12 13 Choose: When a stock dividend is declared, which value is used to debit Retained Earnings? A. use the par value B. use the earnings per share C. use the market value of the shares to be distributed D. None of these 15 16 5 Choose : Which of the following business entitites must pay income taxes? A. Proprietorship B. partnership C. corporation D. all of these entities pay income taxes 19 Choose: Kandahar Corporation issued $1,000,000 of 4% preferred stock and received $1,200,000 cash. What is the dividend 20 requirement for the dividend on this stock? A. $40,000 B. $48,000 C. $1,000,000 D. $36,000 Choose: Which of the following is true of preferred stock? A. Preferred stockholders must receive a dividend B. Preferred 23 stockholders receive a dividend after the common shareholders have received a dividend C. Preferred stockholders 24 get a dividend only if the board of directors declares the dividend D. all of these are true 25 26 8 Choose : What is the formula to calculate the Earnings Per Share (EPS) assuming there are no preferred shares outstanding? 27 A. EPS = Revenue/Number of Common Shares B. EPS = Net Income / Number of Common Shares 28 C. EPS = Net Income/ Number of Preferred Shares D. None of these 29 30 9 Choose: Morgan Corporation issued 100,000 shares of $1.00 par common stock and 4,000 shares of $100-par 4% preferred 31 stock. The board of directors declared a cash dividend of $24,000. How would the dividend be divided between 32 preferred and common stock? A. $16,000 to preferred and $8,000 to common B. All $24,000 to preferred and 33 none to common C. $16,000 to common and $8,000 to preferred D. All $24,000 to common 34 35 10 Choose: Which class of stock usually gets a voting right? A. Common B. Preferred C. Both Common and Preferred 36 D. Neither Common nor Preferred 37 38 11 Choose: Treasury Stock can be defined as: A. Special shares of stock owned by executives B. Shares that were issued but 39 then later re-acquired by the company that issued them C. Another name for Preferred Stock D. None of these 40 41 12 Choose: Which type of stock has a fixed dividend? A. Common Stock B. Treasury Stock C. All stocks have a fixed dividend n Drafarrand Start STUDENT-INFO 1. MC 2. T-ACCTS + Select destination and press ENTER or choose Paste + 100%AutoSave OFF CORP-QUIZ Q Home Insert Draw Page Layout Formulas Data Review View ? Tell me Share Comments v 11 AA ab Wrap Text v General Insert v Calibri (Body) = Ex AY- O. Delete v Paste BIUV DVAv E Merge & Center v $ ~ % " Conditional Format Cell Sort & Find & Ideas Sensitivity Formatting as Table Styles Format v Filter Select 039 X V fx A B C E F G H K L M N 0 P Q 22 7 Choose: Which of the following is true of preferred stock? A. Preferred stockholders must receive a dividend B. Preferred 23 stockholders receive a dividend after the common shareholders have received a dividend C. Preferred stockholders 24 get a dividend only if the board of directors declares the dividend D. all of these are true 25 26 8 Choose : What is the formula to calculate the Earnings Per Share (EPS) assuming there are no preferred shares outstanding? 27 A. EPS = Revenue/Number of Common Shares B. EPS = Net Income / Number of Common Shares 28 C. EPS = Net Income/ Number of Preferred Shares D. None of these 29 30 Choose: Morgan Corporation issued 100,000 shares of $1.00 par common stock and 4,000 shares of $100-par 4% preferred 31 stock. The board of directors declared a cash dividend of $24,000. How would the dividend be divided between 32 preferred and common stock? A. $16,000 to preferred and $8,000 to common B. All $24,000 to preferred and 33 none to common C. $16,000 to common and $8,000 to preferred D. All $24,000 to common 34 35 10 Choose: Which class of stock usually gets a voting right? A. Common B. Preferred C. Both Common and Preferred 36 D. Neither Common nor Preferred 37 38 11 Choose: Treasury Stock can be defined as: A. Special shares of stock owned by executives B. Shares that were issued but 39 then later re-acquired by the company that issued them C. Another name for Preferred Stock D. None of these 40 41 12 Choose: Which type of stock has a fixed dividend? A. Common Stock B. Treasury Stock C. All stocks have a fixed dividend 42 D. Preferred Stoc 43 44 13 Choose: There are three dividend dates. Which dividend date has no journal entry? A. Record date B. Declaration date 45 C. Payment date D. All dividend dates have journal entries 46 47 14 Choose: On which corporation statement would you find Income Tax Expense? A. Balance Sheet B. Retained Earnings Statement 48 C. Income Statement D. Both the Balance Sheet and Retained Earnings Statement 49 50 15 Choose : Fun Question: go to Yahoo Finance. Using the ticker symbols given in parentheses, look at the current stock price. Here's your 51 question: Which one of the following stocks is trading at over $350,000 per share? Choose one only. 52 A. Alphabet (GOOG) 53 B. Tesla (TSLA 54 C. Apple (AAPL) 55 D. Berkshire Hathaway (BRK-A) 56 57 58 59 60 61 STUDENT-INFO 1. MC 2. T-ACCTS + Select destination and press ENTER or choose Paste + 100%