Question 11 pts

Financial Statements are reports on the financial performance of organizations. They provide data on:

Group of answer choices

Comparative company data to companies in similar industries

All of the above

Projections for the upcoming fiscal year

All of the above

Where money comes from, what money is spent on and how much money is available for use

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Question 21 pts

The primary function of the Income Statement is to:

Group of answer choices

Measure the company's financial performance over a period of time

Determine if the company will have enough cash to operate properly

Show the company's value as of a given point in time

Determine taxes owed or not owed

Compare the company's assets against the company's liabilities

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Question 31 pts

The primary function of the Balance Sheet is to:

Group of answer choices

Determine if the company will have enough cash to operate properly

Determine taxes owed or not owed

Measure the company's performance over a period of time

Show the company's value as of a given point in time

Make sure that the company's assets and the company's liabilities "balance"

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Question 41 pts

The main three sections of the Cash Flow Statement are:

Group of answer choices

Cash from operating activities; cash from investing activities and cash from financing activities

Cash from customers; cash from shareholders and cash from miscellaneous sources

Cash from sales; cash from operations and cash from depreciation and amortization

Cash from assets; cash from liabilities and cash from equity

Cash from operating activities; cash from sales and cash from administrative activities

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Question 51 pts

Which of the following lists are all Assets found in the Balance Sheet:

Group of answer choices

Cash, accounts receivable, marketable securities, inventory, prepaid expenses and common stock

Cash, accounts receivable, marketable securities, inventory and prepaid expenses

Cash, accounts receivable, inventory and Operating Margin

Cash, accounts receivable, inventory, marketable securities and revenue

Cash, accounts receivable, inventory, prepaid expenses and revenue

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Question 61 pts

The Balance Sheet equation is:

Group of answer choices

Assets plus Liabilities = Equity

Liabilities = Assets plus Equity

Assets divided by Equity = Liabilities

Equity = Profit minus Taxes

Assets = Liabilities plus Equity

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Question 71 pts

Which one of the following lists are the Current Liabilities of a company:

Group of answer choices

Accounts Payable, Notes Payable, Income Taxes Payable BUT NOT Accrued Expenses

Accounts Payable, Notes Payable, Accrued Expenses BUT NOT Income Taxes Payable

Accounts Payable, Notes Payable, Accrued Expenses AND Income Taxes Payable

Accounts Payable, Notes Payable, Accrued Expenses AND Prepaid Expenses

Accounts Payable, Notes Payable AND Prepaid Expenses

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Question 81 pts

Which is correct about Preferred Stock:

Group of answer choices

It is always worth more than common stock

It is reserved only for preferred customers or investors

It has priority over common stock in the event of the dissolution of the company

It always costs more than common stock

It cannot be owned by full time employees of the company

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Question 91 pts

Which one of the below is the MAJOR responsibility of a businessperson:

Group of answer choices

Making as little income as possible that is taxable in order to minimize the government's cut

Making the value of the company increase by generating increasing revenues and profits

Making sure the company is legally compliant with all reporting and other regulatory requirements

Making as much money as possible for the employees to share in salary, bonus and benefits

Making as much money as possible to distribute in dividends to stockholders

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Question 101 pts

Which is the most relevant statement to an employee regarding the understanding and use of financial statements:

Group of answer choices

They have little to do with the "real life" day to day operations of most departments or sections

They are only really used to determine taxes owed or not owed.

They are only really needed by senior executives, board members and shareholders

They are only really needed by a company's Chief Financial Officer or Controller or Accounting Staff who are paid to understand and use these things

They can help any employee understand her or his impact on the financial health of the company