QUESTION Which financial statement answers the question “Is my company making a profit”? A) the balance sheet B) the general ledger C) the cash flow statement D) the income statement ANSWER D
Date: September 3rd, 2020
QUESTION A major customer looking for a new company for its advertising campaign is an example of a(n) ________. a. strength b. opportunity c. threat d. weakness ANSWER b
Date: September 3rd, 2020
QUESTION Risk affects ________. a. neither your personal nor your business life b. both your personal and your business lives c. only your business life and not your personal life d. only your personal life and not your business life ANSWER b
Date: September 3rd, 2020
QUESTION Which of the following is NOT a source of cash flow? A) operating activities B) investing activities C) maintenance activities D) financing activities ANSWER C
Date: September 3rd, 2020
QUESTION All of the following are financial risks reflected on the balance sheet EXCEPT ________. a. excess inventory b. not enough cash c. zero long-term debt d. too much debt ANSWER c
Date: September 3rd, 2020
QUESTION You own a computer company. Activities such as selling computers, buying components, and assembling the components to make computers are A) operating activities. B) investing activities. C) maintenance activities. D) financing activities. ANSWER A
Date: September 3rd, 2020
QUESTION A factor in SWOT analysis is ________. a. officers b. workers c. strengths d. terminations ANSWER c
Date: September 3rd, 2020
QUESTION Owners’ equity can be also known as ________ equity. a. current b. long-term c. shareholders’ d. asset ANSWER c
Date: September 3rd, 2020
QUESTION In your business, you record income when you deliver a good or provide a service, and record expenses when they are incurred, not necessarily when you pay the bills. What basis of accounting are you using? A) cash B) income C) accrual D) debit ANSWER C
Date: September 3rd, 2020
QUESTION A record of a company’s assets and liabilities at a fixed point in time is known as a(n) ________. a. cash flow statement b. balance sheet c. account payable d. income statement ANSWER b
Date: September 3rd, 2020
