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Final Exam Review Pt 1
Test Description: Review for your final here!
Instructions: Answer all questions to get your test result.
1) Being able to make decisions is an important skill for someone interested in becoming an accountant.
A
False
B
True
2) A professional organization, such as the American Institute of Certified Public Accountants, is a group of people who have common career interests.
A
False
B
True
3) Responsibility is one example of a personality trait.
A
False
B
True
4) The more you know about yourself, the easier it will be to make career choices.
A
True
B
False
5) The Internet is a source of educational and career information.
A
False
B
True
6) In the U.S. economy, for-profit businesses are outnumbered by not-for-profit organizations.
A
False
B
True
7) 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
8) Once you decide upon a career, you will probably stay in that career for the rest of your life.
A
True
B
False
9) 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
False
B
True
10) The amount of money earned after the costs of operating a business are paid is ____.
A
capital
B
expense
C
Revenue
D
Profit
11) To survive, a business must ____.
A
make a product consumers want and report profits to the IRS
B
earn a profit and have someone willing to take the risk to run it
C
have adequate start-up capital and prepare periodic reports
D
earn a profit and invest excess profits
12) In a business, it is the entrepreneur who ____.
A
supplies the capital needed to establish the business
B
manages the financial aspects of the business
C
is willing to take the risks to establish and organize the venture
D
provides the labor needed to operate the business
13) 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 manufacturing business
C
a merchandising business
D
all of the above
14) Which of the following would not be considered a service business?
A
Delta Air Lines
B
General Motors
C
Alamo Rent a Car
D
North American Van Lines
15) An example of an accounting assumption is ____.
A
a business has the ability to operate indefinitely
B
business transactions are regularly adjusted for inflation
C
all businesses must pay taxes to the government in a timely fashion
D
all businesses prepare reports for governmental review
16) Today, most accounting work is still done with pencil and paper.
A
True
B
False
17) All businesses need accounting services.
A
Flase
B
True
18) 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
19) A person's skills are the principles by which they live and are the core of their belief system
A
True
B
False
20) Only businesses that earn a profit will have the economic resources to continue to operate.
A
True
B
False
*select an answer for all questions
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