Intro To Business Ch 12 Part I Question Preview (ID: 22919)


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Cash is the most ____ of all assets.
a) liquid
b) fluid
c) flexible
d) rigid

Assets, liabilities, and owner's equity for a specific date are on a financial statement called the ....
a) balance sheet
b) income summary
c) net profit
d) incorporated expenses report

The basic financial equation is...
a) revenue-expenses=profit or loss
b) expenses-revenue=profit or loss
c) revenue+expenses=profit or loss
d) expenses+revenue=profit or loss

With direct deposit, an employer transfers net pay electronically into an employee's bank account.
a) True
b) False
c)
d)

A payroll is the financial record of employee compensation, deductions, and net pay.
a) true
b) false
c)
d)

There is no point in comparing your financial statements with those of another company
a) false
b) true
c)
d)

Explaining the budget to people who need financial information to make decisions is the first step of the business budgeting process.
a) false
b) true
c)
d)

If expenses are less than revenue, the business will suffer a loss.
a) false
b) true
c)
d)

Budgeting is much easier for a new business than for a well-established business.
a) false
b) true
c)
d)

The main source of financial information established businesses use to prepare a budget is
a) the company financial records
b) the SBA
c) The Wall Street Journal
d) accountants and bankers

Tyler likes going to live events of professional sports teams because of the high-definition scoreboards and screens that can be used for game stats and to entertain fans. Tyler is most likely interested in
a) aesthetic components of the physical environment
b) marketing communications
c) benefit-based promotional efforts
d) spatial layout components of the physical environment

Amber really enjoys attending the game at the new hockey arena because of the spacious walkways, large restrooms, and location of the concessions. Amber is most likely interested in
a) spatial layout components of the physical environment
b) marketing communications
c) benefit-based promotional efforts
d) aesthetic components of the physical envionment

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