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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
current liabilities
B
cash ratio
C
long-term assets
D
current assets
2) All money a business has coming in.
A
revenue
B
assets
C
latinum
D
expenses
3) Differences between what a budget predicts and what really happens
A
overages
B
shortcomings
C
mistakes
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
tools
B
cash
C
land
D
a well-functioning machine
6) Which of these is most likely to be a current asset?
A
cash
B
land
C
a battery
D
an electrical outlet
7) Which of these is a list of companies from whom credit purchases were made?
A
accounts annumbers
B
accounts receivable
C
accounts payable
D
the phone book
8) Which of these is a list of customers to whom credit sales were made?
A
consumer product index
B
black book
C
accounts payable
D
accounts receivable
9) Who is generally responsible for the financial health of a company?
A
customers
B
employees
C
managers
D
piggy banks
10) Social Security and Medicare together are known as
A
luxury taxes
B
unemployment taxes
C
Ponzi schemes
D
FICA taxes
*select an answer for all questions
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