QUESTION What are accounts payable? A) paid bills for products or services a company has sold B) unpaid bills for products or services a company has sold C) unpaid bills for expenses a company has incurred D) paid bills for expenses a company has incurred ANSWER C
Date: September 3rd, 2020
QUESTION An example of an asset that can earn money while you own it is a(n) ________. a. MP3 music player that you listen to while eating dinner b. shoebox of cash hidden under your bed c. computer server that your business uses to double the number of Web site visitors d. console that only […]
Date: September 3rd, 2020
QUESTION A business model is A) a corporation’s strategy for gathering information about competitors. B) a prototype for a new product or service a company wants to develop. C) a physical rendering of how a company’s facilities will be constructed. D) an organization’s plan for creating value for its stakeholders. ANSWER D
Date: September 3rd, 2020
QUESTION A legal obligation that an individual or company has to pay back is a(n) _______, a. inventory b. liability c. owners’ equity d. asset ANSWER b
Date: September 3rd, 2020
QUESTION The goal of a not-for-profit organization is to A) eventually advance to for-profit status. B) earn a profit for its owners. C) use any money it makes to further the cause or association it promotes. D) deliver products or services that benefit corporations. ANSWER C
Date: September 3rd, 2020
QUESTION ________ consist of credit that is extended to a business for necessary purchases. a. Accounts receivable b. Accounts payable c. Intangible assets d. Retained earnings ANSWER b
Date: September 3rd, 2020
QUESTION The assets you keep after you have paid off all your liabilities make up your ________. a. current assets b. net worth c. balance sheet d. long-term assets ANSWER b
Date: September 3rd, 2020
QUESTION The goal of a for-profit organization is to A) eventually advance to not-for-profit status. B) earn a profit for its owners. C) use any money it makes to further the cause or association it promotes. D) deliver products or services that only benefit charities. ANSWER B
Date: September 3rd, 2020
QUESTION Which two types of income statements are allowed under GAAP? A) cash and accrual B) inflow and outflow C) credit and debit D) receivable and payable ANSWER A
Date: September 3rd, 2020
QUESTION In your business, you record revenue when money comes in from customers, and record expenses when you pay bills. What basis of accounting are you using? A) cash B) income C) accrual D) debit ANSWER A
Date: September 3rd, 2020
