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POB 4.01
Test Description: POB 4.01
Instructions: Answer all questions to get your test result.
1) Which financial ratio will John use if he wants to determine whether his business could pay its debts due this month?
A
return on equity
B
current
C
debt to equity
D
net income
2) Last month's revenue for Tisha's Tire Company was $700 and it paid $650 in expenses. Which is the net income/net loss amount for the business?
A
$500 net income
B
$500 net loss
C
$50 net income
D
$50 net loss
3) Last year's revenue for Zoe's Company was $95,000 and it paid $83,000 in expenses. Which is the net income/net loss amount for the business?
A
$5,000 net income
B
$19,000 net loss
C
$5,000 net loss
D
$12,000 net income
4) Harry's Grocery Store revenue for last year was $98,000 and it paid $103,000 in expenses. Which is the net income/net loss amount for the store?
A
$9,000 net loss
B
$5,000 net loss
C
$9,000 net income
D
$5,000 net income
5) Tonya compared revenue of $30,000 to expenses of $22,000 to determine whether her business experienced a net income or loss. Which type of financial statement was used?
A
Statement of owner's equity
B
Budget
C
Income statement
D
Balance sheet
6) Jill can find the value of assets and liabilities for her business at the end of the year on which type of financial statement?
A
Budget
B
Cash flow statement
C
Balance sheet
D
Income statement
7) Mary reviewed her company's budget for one year and determined that it is continuously spending more on utilities. Which type of budget was used?
A
Start-up
B
Operating
C
Cash
D
Expansion
8) Jack reviewed his company's budget for six months and determined that it is spending more on credit card purchases. Which type of budget was used?
A
Operating
B
Cash
C
Start-up
D
Expansion
9) Carl estimated that his business could invest an additional $40,000. Which type of budget was used?
A
Start-up
B
Cash
C
Operating
D
Expansion
10) Amana Appliance Company determined the affordability to start selling self-cleaning stoves. This is an example of what kind of financial planning?
A
Operation
B
Expansion
C
Personal
D
Start-up
*select an answer for all questions
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