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BML Test 8 Set 2
Test Description: Business Management and Law, Chapter 8, second set of questions.
Instructions: Answer all questions to get your test result.
1) Things that are either cash or can be easily sold for cash.
A
long-term assets
B
cash ratio
C
current assets
D
current liabilities
2) All money a business has coming in.
A
expenses
B
revenue
C
latinum
D
assets
3) Differences between what a budget predicts and what really happens
A
mistakes
B
shortcomings
C
overages
D
discrepancies
4) The first step if discrepancies are discovered is to
A
increase revenue
B
cut expenses
C
double-check calculations
D
redo the budget
5) Which of these is most likely to be a fixed asset?
A
cash
B
a well-functioning machine
C
land
D
tools
6) Which of these is most likely to be a current asset?
A
a battery
B
an electrical outlet
C
land
D
cash
7) Which of these is a list of companies from whom credit purchases were made?
A
accounts payable
B
the phone book
C
accounts receivable
D
accounts annumbers
8) Which of these is a list of customers to whom credit sales were made?
A
accounts payable
B
black book
C
consumer product index
D
accounts receivable
9) Who is generally responsible for the financial health of a company?
A
managers
B
piggy banks
C
employees
D
customers
10) Social Security and Medicare together are known as
A
luxury taxes
B
Ponzi schemes
C
FICA taxes
D
unemployment taxes
*select an answer for all questions
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