BML Test 8 Set 2: Question Preview (ID: 8292)

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Things that are either cash or can be easily sold for cash.
a) long-term assets
b) current liabilities
c) current assets
d) cash ratio

All money a business has coming in.
a) assets
b) latinum
c) expenses
d) revenue

Differences between what a budget predicts and what really happens
a) mistakes
b) discrepancies
c) overages
d) shortcomings

The first step if discrepancies are discovered is to
a) cut expenses
b) increase revenue
c) redo the budget
d) double-check calculations

Which of these is most likely to be a fixed asset?
a) land
b) cash
c) tools
d) a well-functioning machine

Which of these is most likely to be a current asset?
a) land
b) cash
c) a battery
d) an electrical outlet

Which of these is a list of companies from whom credit purchases were made?
a) accounts payable
b) the phone book
c) accounts annumbers
d) accounts receivable

Which of these is a list of customers to whom credit sales were made?
a) accounts payable
b) consumer product index
c) black book
d) accounts receivable

Who is generally responsible for the financial health of a company?
a) piggy banks
b) managers
c) customers
d) employees

Social Security and Medicare together are known as
a) Ponzi schemes
b) unemployment taxes
c) luxury taxes
d) FICA taxes

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