Final Exam Review Pt 1 Question Preview (ID: 18905)


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Being able to make decisions is an important skill for someone interested in becoming an accountant.
a) True
b) False
c)
d)

A professional organization, such as the American Institute of Certified Public Accountants, is a group of people who have common career interests.
a) True
b) False
c)
d)

Responsibility is one example of a personality trait.
a) True
b) False
c)
d)

The more you know about yourself, the easier it will be to make career choices.
a) True
b) False
c)
d)

The Internet is a source of educational and career information.
a) True
b) False
c)
d)

In the U.S. economy, for-profit businesses are outnumbered by not-for-profit organizations.
a) True
b) False
c)
d)

One of the best ways to find out about particular careers is by talking to people who work in those fields.
a) True
b) False
c)
d)

Once you decide upon a career, you will probably stay in that career for the rest of your life.
a) True
b) False
c)
d)

On-the-job training provides an opportunity to learn the ins and outs of a particular job and get paid while you're learning.
a) True
b) False
c)
d)

The amount of money earned after the costs of operating a business are paid is ____.
a) Revenue
b) Profit
c) expense
d) capital

To survive, a business must ____.
a) make a product consumers want and report profits to the IRS
b) earn a profit and invest excess profits
c) earn a profit and have someone willing to take the risk to run it
d) have adequate start-up capital and prepare periodic reports

In a business, it is the entrepreneur who ____.
a) provides the labor needed to operate the business
b) is willing to take the risks to establish and organize the venture
c) supplies the capital needed to establish the business
d) manages the financial aspects of the business

The type of business that provides a product or a service, makes sales to customers, and incurs expenses is ____.
a) a service business
b) a merchandising business
c) a manufacturing business
d) all of the above

Which of the following would not be considered a service business?
a) General Motors
b) Delta Air Lines
c) North American Van Lines
d) Alamo Rent a Car

An example of an accounting assumption is ____.
a) all businesses prepare reports for governmental review
b) business transactions are regularly adjusted for inflation
c) a business has the ability to operate indefinitely
d) all businesses must pay taxes to the government in a timely fashion

Today, most accounting work is still done with pencil and paper.
a) True
b) False
c)
d)

All businesses need accounting services.
a) True
b) Flase
c)
d)

A CPA is a person who has passed a national test and met specified experience and educational standards to become certified to practice accounting.
a) True
b) False
c)
d)

A person's skills are the principles by which they live and are the core of their belief system
a) True
b) False
c)
d)

Only businesses that earn a profit will have the economic resources to continue to operate.
a) True
b) False
c)
d)

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