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FUHRMS: General Vocab From TWO
Test Description: FUHRMS: Test your general knowledge from the chapter.
Instructions: Answer all questions to get your test result.
1) Which of these is not an advantage to setting up a business as a sole proprietorship?
A
Losses are limited to the owner’s investment.
B
There are fewer regulations.
C
The taxes are lower.
D
The owner controls the business decisions.
2) A merchandising business –
A
buys finished products and resells them for a profit.
B
provides a needed service for a fee.
C
can be a shipyard, repair shop, or real estate office.
D
transforms raw materials into finished products.
3) A business in which two or more persons combine their assets is called a(n)
A
merchandising business.
B
partnership.
C
corporation.
D
sole proprietorship.
4) An example of an accounting assumption is a(n)
A
accounting system.
B
computerized accounting.
C
accounting statement.
D
going concern.
5) Someone who transforms ideas for products or services into real-world business is called a(n) _____________.
A
manufacturer.
B
partner.
C
entrepreneur.
D
shareholder.
6) A _____________ buys raw materials and transforms them into finished products.
A
service business
B
manufacturing business
C
merchandising business
D
corporate business
7) Lack of steady wages and employee benefits would be...
A
a disadvantage to being an entrepreneur.
B
an advantage to being an entrepreneur.
C
an advantage to working for a corporation.
D
an advantage to a sole proprietorship.
8) Keeping the financial benefits of your hard work would be...
A
an advantage to being an entrepreneur.
B
a disadvantage to being an entrepreneur.
C
an advantage to a sole proprietorship.
D
an advantage to working for a corporation.
9) Financial accounting produces reports for
A
sole proprietors.
B
internal users.
C
partners.
D
external users
10) Which statement is true regarding why accounting called the “Universal Language of Business”?
A
In a free enterprise system, people are free to produce the goods and services they choose.
B
Financial reports are used to make critical decisions, such as whether to buy stock in another company or to loan money.
C
The free enterprise system influences the responsibility to track profits and losses.
D
Information is provided in a way that can be understood by those interested in the operations and financial conditions.
*select an answer for all questions
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