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BML Chapter 8 Set 3
Test Description: Business Management and Law, Chapter 8, third set of questions.
Instructions: Answer all questions to get your test result.
1) Which of these is like a credit rating and tells you how much a business relies on borrowed money?
A
return on equity ratio
B
debt to equity ratio
C
sin and iniquity ratio
D
current ratio
2) Which of these is almost always on an earnings report?
A
current deductions
B
job title
C
number of sick leave days earned
D
interest earned on a 401(k) retirement account
3) Which of these is the best source of budget information for an existing company?
A
future budgets
B
past budgets
C
CNN Money
D
the Wall Street Journal
4) The costs associated with operating a business
A
revenue
B
assets
C
liabilities
D
expenses
5) Which of these are the first and last steps in the budgeting process?
A
list types of expenses and revenue, explain the budget to decision-makers for the company,
B
gather information on revenue and expenses, calculate net income or loss
C
gather information on revenue and expenses, list types of expenses and revenue
D
list types of expenses and revenue, calculate net income or loss
6) Which of these is a snapshot of the big picture of a company and includes all assets, liabilities and owner's equity?
A
income statement
B
earnings reports
C
balance sheet
D
balance beam
7) Which of these is the basic financial equation?
A
assets + liabilities = revenue
B
expenses + liabilties = profit
C
revenue - expenses = profit (or loss)
D
money - bills = less money
8) Which of these is the balance of the balance sheet?
A
assets = liabilities + owners equity
B
equity - liabilities = debt
C
revenue - expenses = profit
D
profit - expenses = assets
9) The amount of money a company owes
A
losses
B
profits
C
assets
D
liabilities
10) Which of these is a common payroll deduction?
A
FICA
B
unemployment tax
C
food subsidies
D
mortgage payment
*select an answer for all questions
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