Part 3 Yes or No Directions Indicate your answer to each of the following questions by placing a check mark on the line under yes or no at the right. 23. Is the first step in financial management for a business is to establish financial goals? 24. Are investors in businesses typically not concerned about the rate of return they will receive? 25. Are the four characteristics of a business goal that it should be specific, measurable, realistic, and established for an identifiable period of time? 26. Is the basic accounting equation Assets + Liabilities = Owners Equity? 27. Are all sources of revenue as well as all expenses of a business for a specific period of time itemized on an income statement? 28. Does a profitable business have to worry if it experiences periods of time where there is : a lack of cash? 29. Can budgets be considered to be a roadmap for monitoring business activities and performance? 30. Is an interest rate the cost of borrowing money expressed as a percentage of the amount borrowed? 31. Is a greater amount eamed with simple interest than with compound interest? 32. Are investments. affected by inflation as well as by interest rates