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BML Final Set 12
Test Description: BML Final Set 12
Instructions: Answer all questions to get your test result.
1) ___ refers to the use of automated machinery, electronic equipment and integrated computer systems to help increase efficiency of work production.
A
Downsizing
B
Skynet
C
Robotics
D
Technology
2) Businesses prepare new financial statements
A
at the end of the period covered by a budget.
B
once per month.
C
once per year.
D
when their accountant says to.
3) Which type of budget is an estimate of the actual money received and paid out for a specific period?
A
balanced
B
cash
C
fiscal
D
accounting
4) The first thing listed on a balance sheet is
A
all expenses for the covered period.
B
the current value of all assets.
C
the purchase price of all assets.
D
all income for the covered period.
5) Which of these is NOT a normal pay period?
A
yearly
B
bi-weekly
C
weekly
D
monthly
6) Owners' equity is the difference between
A
assets and liabilities.
B
income and expenses.
C
profits and losses.
D
winning and losing.
7) Which of these is NOT a characteristic of a successful budget?
A
It should not be changed during the covered time period.
B
It should reflect only past and current income since those are the only known quantities.
C
It may need re-evaluation after being implemented, even during the covered time period.
D
It may have some variances.
8) Having a budget, you should
A
follow it exactly, without deviation.
B
know how to handle unforeseen financial emergencies that may occur.
C
never make purchases using credit.
D
be able to buy anything you want.
9) The first step in the financial decision-making process is
A
preparing a budget.
B
checking to see if income and expenses are meeting the budgeted amounts.
C
checking for discrepancies.
D
make necessary budget adjustments.
10) The last step in the financial decision-making process is
A
preparing a budget.
B
checking for discrepancies.
C
make necessary budget adjustments.
D
checking to see if income and expenses are meeting the budgeted amounts.
*select an answer for all questions
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