Home / My courses / BAED-ENTR2122-2322S / SECOND QUARTER EXAMINATION / SECOND QUARTER EXAM

Started on Wednesday, 19 June 2024, 5:40 PM

State Finished
Completed on Wednesday, 19 June 2024, 5:47 PM
Time taken 7 mins 29 secs
Marks 50.00/50.00
Grade 100.00 out of 100.00

Question 1
Correct

Mark 1.00 out of 1.00

The _________ shows your company's assets and liabilities

a. Balance Sheet

b. Cash Flow Statement/Cash Budget

c. Income Statement/Profit and Loss Statement

Your answer is correct.

Question 2
Correct

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_________ results when a company purchases a fixed asset and expenses it over the entire period of its planned use, not just in the year
purchased.

a. Gross profit

b. Depreciation 

c. Sales

d. Operating expenses

Your answer is correct.

Question 3
Correct

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It also called the profit and loss statement or P&L, summarizes your company's revenue and expenses.

a. Cash Flow Statement/Cash Budget

b. Income Statement/Profit and Loss Statement

c. Balance Sheet

Your answer is correct.

Question 4

Correct

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It is where you track any raw materials or finished goods that you buy for your business.

a. Owners’ Equity

b. Retained Earnings

c. Purchases 

d. Payroll Expenses

Your answer is correct.

Question 5
Correct

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The following are the example of variable cost except.

a. Rent 

b. Packaging Materials used

c. Direct labor

d. Materials used

Your answer is correct.

Question 6
Correct

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A chart that breaks down how much your business expects to sell in various categories by month (for the next year) and by year (for
the following two to four years).

a. Sales Forecast 

b. Income Statement/Profit and Loss Statement

c. Balance Sheet

d. Cash Flow Statement/Cash Budget

Your answer is correct.

Question 7

Correct

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A written report of the financial condition of a firm.

a. Financial Statement

b. Income Statement

c. Statement of cash flow

d. Balance Sheet

Your answer is correct.

Question 8

Correct

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It is computed by subtracting the operating expenses from the gross profit.

a. Other income and expenses

b. Net profit before taxes

c. Operating profit 

d. Income taxes

Your answer is correct.

Question 9
Correct

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Products you have in stock to sell are like money sitting on a shelf and must be carefully accounted for and tracked.

a. Inventory 

b. Accounts Payable

c. Accounts Receivable

d. Loans Payable

Your answer is correct.

Question 10
Correct

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It is computed by subtracting taxes paid from net income before taxes.

a. Operating profit

b. Net profit before taxes

c. Net profit after taxes 

d. Other income and expenses

Your answer is correct.

Question 11
Correct

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A net figure is computed by subtracting other expenses from other income.

a. Income taxes

b. Other income and expenses

c. Net profit before taxes

d. Operating profit

Your answer is correct.

Question 12

Correct

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These selling, general and administrative expenses are necessary to run the business

a. Gross profit

b. Sales

c. Depreciation

d. Operating expenses 

Your answer is correct.

Question 13
Correct

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The number is computed by adding other income (or subtracting if other expenses exceed other income) to the operating profit.

a. Income taxes

b. Other income and expenses

c. Net profit before taxes

d. Operating profit

Your answer is correct.

Question 14
Correct

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It is calculated as sales less the cost of goods sold.

a. Sales

b. Gross profit 

c. Cost of goods sold

d. Operating expenses

Your answer is correct.

Question 15
Correct

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The Retained Earnings account tracks any of your company’s profits that are reinvested in the business and are not paid out to the
owners

a. Owners’ Equity

b. Retained Earnings

c. Payroll Expenses

d. Purchases 

Your answer is correct.

Question 16

Correct

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The following are the example of variable cost except.

a. Plant

b. Freight 

c. Building

d. Land

Your answer is correct.

Question 17
Correct

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These obligations of the business are not due for at least one year.

a. Owner's equity

b. Current liabilities

c. Long-term liabilities 

Your answer is correct.

Question 18
Correct

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The __________________ shows the sums you expect to be coming into and going out of your business in a given time frame.

a. Balance Sheet

b. Cash Flow Statement/Cash Budget 

c. Income Statement/Profit and Loss Statement

Your answer is correct.

Question 19

Correct

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It measures all your revenue sources vs. business expenses for a given time period.

a. Financial Statement

b. Income Statement

c. Statement of cash flow

d. Balance Sheet

Your answer is correct.

Question 20

Correct

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Some of the most common ___________ include cash value of life insurance, long-term investment property and compensation due
from employees.

a. Fixed assets

b. Other assets 

c. Current assets

Your answer is correct.

Question 21
Correct

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These are the tangible assets of a business that will not be converted to cash within a year during the normal course of operation.

a. Current assets

b. Fixed assets 

c. Other assets

Your answer is correct.

Question 22
Correct

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These are expenses relating directly to sales such as buying stock or components, freight costs if goods are shipped to your business
or wages if a staff member works directly on producing an item for sale.

a. Fixed expenses

b. Variable expenses

c. Cost of goods sold 

Your answer is correct.

Question 23

Correct

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These obligations of the business are due within one year.

a. Current liabilities 

b. Long-term liabilities

c. Owner's equity

Your answer is correct.

Question 24

Correct

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__________ is listed with operating expenses if the cost is associated with fixed assets used for selling, general and administrative
purposes.

a. Gross profit

b. Operating expenses

c. Depreciation 

d. Sales

Your answer is correct.

Question 25

Correct

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This figure represents the total amount invested by the stockholders plus the accumulated profit of the business.

a. Owner's equity 

b. Long-term liabilities

c. Current liabilities

Your answer is correct.

Question 26
Correct

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These costs include materials used, direct labor, plant manager salaries, freight and other costs associated with operating a plant (for
example, utilities, equipment repairs, etc.)

a. Cost of goods sold 

b. Sales

c. Gross profit

d. Operating expenses

Your answer is correct.

Question 27

Correct

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This is the gross revenue generated from the sale of clothing less returns (cancellations) and allowances (reduction in price for
discounts taken by customers).

a. Gross profit

b. Operating expenses

c. Cost of goods sold

d. Sales 

Your answer is correct.

Question 28
Correct

Mark 1.00 out of 1.00

It provides a snapshot of the business's assets, liabilities and owner's equity for a given time.

a. Statement of cash flow

b. Income Statement

c. Financial Statement

d. Balance Sheet 

Your answer is correct.

Question 29
Correct

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The results of the first three calculations are used to determine the total change in cash and marketable securities caused by
fluctuations in operating, investing and financing cash flow.

a. Net cash flow from investing activities

b. Net cash flow from financing activities

c. Net change in cash and marketable securities 

d. Net cash flow from operating activities

Your answer is correct.

Question 30

Correct

Mark 1.00 out of 1.00

These expenses go up or down based on the sales you make such as advertising, delivery charges and electricity if you are
manufacturing.

a. Fixed expenses

b. Variable expenses 

c. Cost of goods sold

Your answer is correct.

Question 31
Correct

Mark 1.00 out of 1.00

This is where you track any raw materials or finished goods that you buy for your business.

a. Inventory

b. Purchase 

c. Payroll Expenses

d. Sales

Your answer is correct.

Question 32

Correct

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A document (hard copy or digital) that records a business dealing.

a. Financial Statement

b. Business Plan

c. Business Record 

d. Marketing Plan

Your answer is correct.

Question 33
Correct

Mark 1.00 out of 1.00

These expenses go up or down based on the sales you make such as advertising, delivery charges and electricity if you are
manufacturing.

a. Cost of goods sold

b. Fixed expenses
c. Variable expenses 

Your answer is correct.

Question 34

Correct

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This account has a nice ring to it. Basically, it tracks the amount each owner puts into the business.

a. Retained Earnings

b. Payroll Expenses

c. Owners’ Equity

d. Purchases

Your answer is correct.

Question 35
Correct

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A written description of your business' future.

a. Business Plan 

b. Marketing Plan

c. Advertising Plan

d. Distribution Plan

Your answer is correct.

Question 36
Correct

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The activity or occupation of keeping records of the financial affairs of a business.

a. Planning

b. Recording

c. Bookkeeping 

d. Analyzing

Your answer is correct.

Question 37
Correct

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Gross Profit / _________ = Gross Profit Margin

a. Sales 

b. Net Income Before Tax

c. Cost

d. Expenses

Your answer is correct.

Question 38

Correct

Mark 1.00 out of 1.00

The costs that generally are more static in nature

a. Fix Cost 

b. Expenses

c. Variable Cost

Your answer is correct.

Question 39
Correct

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It is usually included in operating expenses and/or cost of goods sold, but it is worthy of special mention due to its unusual nature.

a. Operating expenses

b. Depreciation 

c. Gross profit

d. Sales

Your answer is correct.

Question 40
Correct

Mark 1.00 out of 1.00

The _______ account is where you track all incoming revenue from what you sell

a. Sales 

b. Payroll Expenses

c. Purchase

d. Inventory

Your answer is correct.

Question 41
Correct

Mark 1.00 out of 1.00

This is listed with cost of goods sold if the expense associated with the fixed asset is used in the direct production of inventory.

a. Sales

b. Depreciation 

c. Gross profit

d. Operating expenses

Your answer is correct.

Question 42

Correct

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(Selling Price - Cost to Produce) / Cost to Produce = _________.

a. Profit

b. Markup Percentage

c. Revenue

d. Sales

Your answer is correct.

Question 43
Correct

Mark 1.00 out of 1.00

If you’ve borrowed money to buy equipment, vehicles, furniture or other items for your business, this is the account that tracks what’s
owed and what’s due.

a. Inventory

b. Loans Payable

c. Accounts Receivable

d. Accounts Payable

Your answer is correct.

Question 44
Correct

Mark 1.00 out of 1.00

This is the biggest cost of all for many businesses.

a. Payroll Expenses 

b. Purchases

c. Owners’ Equity

d. Retained Earnings

Your answer is correct.

Question 45

Correct

Mark 1.00 out of 1.00

It is designed to convert the accrual basis of accounting used to prepare the income statement and balance sheet back to a cash
basis.

a. Income Statement

b. Balance Sheet

c. Statement of cash flow 

d. Financial Statement

Your answer is correct.

Question 46
Correct

Mark 1.00 out of 1.00

If your company sells products or services and doesn’t collect payment immediately you have “receivables” and you must track.

a. Inventory

b. Accounts Payable

c. Loans Payable

d. Accounts Receivable

Your answer is correct.

Question 47
Correct

Mark 1.00 out of 1.00

These are the assets in a business that can be converted to cash in one year or less.

a. Fixed assets

b. Current assets

c. Other assets

Your answer is correct.

Question 48
Correct

Mark 1.00 out of 1.00

Operating activities are the daily internal activities of a business that either require cash or generate it.

a. Net cash flow from operating activities 

b. Net cash flow from financing activities

c. Net change in cash and marketable securities

d. Net cash flow from investing activities

Your answer is correct.

Question 49

Correct

Mark 1.00 out of 1.00

It is important in a business for it is the only way to inform the entrepreneur how the business is doing.

a. Record Keeping 

b. Business Plan

c. Financial Statement

d. Business Record

Your answer is correct.

Question 50
Correct

Mark 1.00 out of 1.00

These are expenses that stay the same when your sales increase such as rent, insurance, licensee fees, utilities etc.

a. Cost of goods sold

b. Variable expenses

c. Fixed expenses 

Your answer is correct.

◄ FIRST QUARTER EXAM

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