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Accounting concepts
Financial statements
Cash flows
Preventing problems
Wild Card
100
What are the 3 types of accounting?
What is managerial, tax, and financial
100
What are the two main items found on an income statment?
What is revenues and expenses
100
Would a pushcart vendor or a construction project typically have a shorter cash-to-cash cycle time?
What is a pushcart vendor
100
Shannon works at a retail store and will sometimes pocket the cash for sales rather than ringing them into the cash register. What type of theft is this an example of?
What is skimming
100
What is the name of the currency used in India?
What is Rupee
200
What is the concept that a business has existence separate from that of its owners?
What is business entity concept
200
The ability of how quickly a company can raise money by converting assets to cash is referred to as what?
What is liquidity
200
What are the two purposes of money?
What is exchanges and tracking wealth/value
200
During slow business times, a local retail shoe store will host art exhibits to attract customers but this activity is not a part of their primary business strategy. What is this referred to as?
What is noncore projects
200
The founder of FedEx once saved the company by taking its last $5,000 and turning it into $32,000 by doing what?
What is gambling in Vegas
300
If a business has accounts payable equal to $75,000 and owners' equity equal to $100,000, what are their assets equal to?
What is $175,000
300
Within what amount of time does a current asset or liability have to produce or use cash?
What is one year
300
What two types of marketable securities are traded on markets such as the NASDAQ and the New York Stock Exchange?
What is stocks and bonds
300
Timmy accidentally shattered a neighbors window while playing baseball. Instead of paying for the window repair with cash, Timmy agrees to take care of the neighbors yard work for one month. What technique is Timmy using?
What is bartering
300
What percentage of small businesses survive only 5 years?
What is 50%
400
What is the primary reason for a small business to use a computerized accounting system?
What is accuracy
400
A local farm purchases an additional 100 acres of land to start producing corn. What type of activity would this be classified as?
What is investing activity
400
What is the term that refers to the delay in the movement of money among depositors and banks?
What is float
400
Because of increased sales, a business needs more labor, materials, factory space, and warehouse space before products can be shipped to customers but all of this growth requires money that the business does not have currently available. What is this crisis called?
What is a growth trap
400
What US company currently has the highest amount of revenue?
What is Walmart ($469,200,000,000)
500
Larry, a builder in Missoula, got into trouble with the law because his business funds got mixed up with is personal funds. He had filed more than $20 million of down payments and loans with his two different accounts and it was almost impossible to differentiate between what money actually belonged to Larry and what belonged to the various projects they had worked on. What is this an example of:
What is a violation of the business entity concept (bad accounting)
500
Your current assets for your business are $50,243.00, owner’s equity is $35,234.00, and current liabilities are $15,009.00. What is the current ratio to determine the liquidity of your business?
What is 3.345%
500
The founders of Baby Einstein were able to grow their business to a $25 million company without once using outside investment. What do Julie and Bill Clark attribute their success to?
What is good cash management
500
What are the top two strategies used by small businesses to handle cash shortfalls?
What is using personal money and borrowing
500
There has only been one woman who's portrait has ever appeared on US currency. Who is it?
What is the $1 Silver Certificate with Martha Washington