QUESTION What is cost of revenue? A) any amount incurred by a company for expenses directly related to sale of a product B) amounts a company pays for expenses not directly related to the sale of its product C) unavoidable expenses that a company incurs when it generates reports on its financial dealings D) costs […]
Date: September 3rd, 2020
QUESTION When a bank lends money with no collateral backing it up, the bank is making a secured loan. Indicate whether the statement is true or false ANSWER FALSE
Date: September 3rd, 2020
QUESTION Owning items that make you money gives you the ability to acquire ________ items that make you ________ money. a. more; no b. more; even more c. no; no d. no; even more ANSWER b
Date: September 3rd, 2020
QUESTION Revenue is recorded A) only after payment for a sale has been received by the company. B) when a sale is made, but not necessarily when payment for the sale is received. C) as soon as a customer has expressed interest in placing an order with a company. D) when a customer approves the […]
Date: September 3rd, 2020
QUESTION What are operating expenses? A) amounts incurred by a company for expenses directly related to sale of a product B) amounts a company pays for expenses not directly related to the sale of its product C) unavoidable expenses that a company incurs when it generates reports on its financial dealings D) costs incurred only […]
Date: September 3rd, 2020
QUESTION A bond is an agreement to lend money that will be repaid at a later date. Indicate whether the statement is true or false ANSWER TRUE
Date: September 3rd, 2020
QUESTION Anything you own or control, which you can exchange for some value is a(n) ________. a. liability b. asset c. retained earning d. equity ANSWER b
Date: September 3rd, 2020
QUESTION When a company borrows money that it has a legal obligation to repay, the company is using equity financing. Indicate whether the statement is true or false ANSWER FALSE
Date: September 3rd, 2020
QUESTION You are a car dealer. Which of the following would your cost of revenue consist of? A) rent paid to the owner of your building B) amounts spent on utilities C) money paid for administrative salaries D) purchase of cars for resale ANSWER D
Date: September 3rd, 2020
QUESTION Which of the following companies is in the service business? A) a company that rents cars B) a company that sells consumer products C) a company that makes medical devices D) a company that manufacturers military equipment ANSWER A
Date: September 3rd, 2020
