sOetal e Tel Na MULTIPE.E CHONCE Choor tbe one afterwative thnt best commpletes the staiementt or answery the qestion Which of the folowing wosld be reconded as land improvements A) Adding aparking lot C) Property tates B) Real estate commissions. D) Tale insurance A 2) R 2) Productive assets that ane phgsically used up or depleted are A) Eguipment O Land B) Natural resources D) Land improvements 3) J A R 3 As eschusive 20-year right to masufacture a prodact or to use a process is a A) Trademak D) Franchise C Patent B) Copyright 4) A 4) The exclusive right to benefit from a creative work, such as a film, is a: A) Copyright D) Patent B) Franchise. C) Trademark A BC d 5)A word, slogan, or symbol that distinctively identifies a company, product, or service is D) Trademark A) Copsright B) Franchise C) Patent 6) The exclusive right so use another company's name and to sell its products within a specified geographical area is a: A) Patent 6) B) Franchise. C) Copyright D) Trademark 7) Goodwill is: A) Recorded when created internally through advertising expense B) The value of a business as a whole, over and above the value of its net identifiable 7) assets C) Amoetized over the greater of its estimated life or forty years. D) Only recorded by the seller of a business 8) In accounting, goodwill A) May be recorded when a company purchases another business B) Must be expensed in the period it is recorded because benefits from goodwill are difficult to identify C) Is amortized over its useful life D) May be recorded whenever a company achieves a level of net income that exceeds the industry average. 46 pande palsa arhanges aoo p o e ( a ao wwww a p edas pao ( A) Cost of e asset only ICo of e ast pon al cos cary gt the annt y B e to D) Cost of the aset, but sobsequly alust a up or dewa to apprsed vae pawadly o 63ge no eau ogo a o pn ( B) Sales tax payable. A) Current portion of long tem debt. C)A note payable due in 2 years aeed sanoaoy i cn a amind ae sope (g -o p a amp ss aoeeq a oy (ea ur ageed ae sape Haun ES u (71 21 uo 00 (V 13) Which of dhe following is mot a characteristic of a liability? A) It anises from present eblipations to other ces B) Ih reaults from past traniations ce events C) t represents a probable, future sacrifice of economic benefes w apqeied aq emu (g se paugap aar somqery( A) Costs of nunning the business in the current period. B) Selling products and services to customers in the current period E CA C) Resources owed by an entity as a result of past transactions D) Resources owned by an entity as a result of past tramsactions STUDEN without having to follow formal loan procedures and prepare paperwork is known as: A) Commercial Paper. an pa3unamaud e o dn mouog o ueduooe smoe e uzuade pror ry (S B) A line of credit. D) Working capital Ueuao 3qP V 16) Which of the following is not an employer payroll cost? A) Federal and state unemployment taxes. B) FICA taxes. C) Federal and state income taxes D) Employer contributions to a retirement plan (91 6 cgc 17) Which of the following are employer payroll costs? FICA taxes. II Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employer contributions to a retirement plan. A) I, III, and IV D) II and III B) I and IV C) I, II, and IV 18) Which of the following is not withheld from an employee's salary? A) Employee portion of health insurance. B) FICA taxes. C) Federal and state unemployment taxes. D) Federal and state income taxes (SI 19) Which of the following are withheld from an employee's salary? (61 FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. A) 1, III, and IV B) I and IV C) II and III D) I, II, and IV 20) Which of the following statements regarding liabilities is not true? A) Liabilities can be for services rather than cash. B) Liabilities are reported in the balance sheet for almost every business, C) Liabilities result from future transactions. D) Liabilities represent probable future sacrifices of benefits. sOetal e Tel Na MULTIPE.E CHONCE Choor tbe one afterwative thnt best commpletes the staiementt or answery the qestion Which of the folowing wosld be reconded as land improvements A) Adding aparking lot C) Property tates B) Real estate commissions. D) Tale insurance A 2) R 2) Productive assets that ane phgsically used up or depleted are A) Eguipment O Land B) Natural resources D) Land improvements 3) J A R 3 As eschusive 20-year right to masufacture a prodact or to use a process is a A) Trademak D) Franchise C Patent B) Copyright 4) A 4) The exclusive right to benefit from a creative work, such as a film, is a: A) Copyright D) Patent B) Franchise. C) Trademark A BC d 5)A word, slogan, or symbol that distinctively identifies a company, product, or service is D) Trademark A) Copsright B) Franchise C) Patent 6) The exclusive right so use another company's name and to sell its products within a specified geographical area is a: A) Patent 6) B) Franchise. C) Copyright D) Trademark 7) Goodwill is: A) Recorded when created internally through advertising expense B) The value of a business as a whole, over and above the value of its net identifiable 7) assets C) Amoetized over the greater of its estimated life or forty years. D) Only recorded by the seller of a business 8) In accounting, goodwill A) May be recorded when a company purchases another business B) Must be expensed in the period it is recorded because benefits from goodwill are difficult to identify C) Is amortized over its useful life D) May be recorded whenever a company achieves a level of net income that exceeds the industry average. 46 pande palsa arhanges aoo p o e ( a ao wwww a p edas pao ( A) Cost of e asset only ICo of e ast pon al cos cary gt the annt y B e to D) Cost of the aset, but sobsequly alust a up or dewa to apprsed vae pawadly o 63ge no eau ogo a o pn ( B) Sales tax payable. A) Current portion of long tem debt. C)A note payable due in 2 years aeed sanoaoy i cn a amind ae sope (g -o p a amp ss aoeeq a oy (ea ur ageed ae sape Haun ES u (71 21 uo 00 (V 13) Which of dhe following is mot a characteristic of a liability? A) It anises from present eblipations to other ces B) Ih reaults from past traniations ce events C) t represents a probable, future sacrifice of economic benefes w apqeied aq emu (g se paugap aar somqery( A) Costs of nunning the business in the current period. B) Selling products and services to customers in the current period E CA C) Resources owed by an entity as a result of past transactions D) Resources owned by an entity as a result of past tramsactions STUDEN without having to follow formal loan procedures and prepare paperwork is known as: A) Commercial Paper. an pa3unamaud e o dn mouog o ueduooe smoe e uzuade pror ry (S B) A line of credit. D) Working capital Ueuao 3qP V 16) Which of the following is not an employer payroll cost? A) Federal and state unemployment taxes. B) FICA taxes. C) Federal and state income taxes D) Employer contributions to a retirement plan (91 6 cgc 17) Which of the following are employer payroll costs? FICA taxes. II Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employer contributions to a retirement plan. A) I, III, and IV D) II and III B) I and IV C) I, II, and IV 18) Which of the following is not withheld from an employee's salary? A) Employee portion of health insurance. B) FICA taxes. C) Federal and state unemployment taxes. D) Federal and state income taxes (SI 19) Which of the following are withheld from an employee's salary? (61 FICA taxes. II. Federal and state unemployment taxes. III. Federal and state income taxes. IV. Employee portion of health insurance. A) 1, III, and IV B) I and IV C) II and III D) I, II, and IV 20) Which of the following statements regarding liabilities is not true? A) Liabilities can be for services rather than cash. B) Liabilities are reported in the balance sheet for almost every business, C) Liabilities result from future transactions. D) Liabilities represent probable future sacrifices of benefits