Accounting
If a customer buys $200.00 worth of merchandise and the sales tax is 10%, the total bill the customer must pay is:
a) $202.00
b) $200.00
c) $20.00
d) $220.00
d) $220.00
What would be the major responsibility if choosing to buy a franchise?
a) keeping customers and growing the business
b) finding and hiring vendors
c) designing the layout of the business
d) setting sales prices
a) keeping customers and growing the business
The asset with the highest liquidity is:
a) land
b) equipment
c) cash
d) accounts receivable
c) cash
Which of the following basic forms of business is looked upon as an artificial person by the law?
a) partnership
b) sole proprietorship
c) cooperative
d) corporation
d) corporation
They are treated as their own entity.
Current assets are $200,000; Plant Assets are $300,000; Current Liabilities are $80,000; Long-term Liabilities are $150,000. What is the working capital?
a) $120,000
b) $250,000
c) $190,000
d) $90,000
a) $120,000
Working capital is current assets - current liabilities.
The ___ have the responsibility of carrying out the day-to-day operation of the corporation.
a) directors
b) officers
c) shareholders
d) voting members
b) officers
Changes recorded on a worksheet to update general ledger accounts at the end of a fiscal period are:
a) financial statement
b) general ledger
c) double-entry bookkeeping
d) adjustments
d) adjustments
A partner who invests more capital, brings in more business, or works longer and harder than his or her associates is entitled to:
a) a larger share of profits
b) extra pay
c) no extra compensation unless all partners agree
d) a larger percentage of the business
c) no extra compensation unless all partners agree
If the bank account balance and the checkbook balance are different, it is because of:
a) Outstanding cheques
b) Bank service charges
c) Outstanding deposits
d) All of the above
d) all of the above
Bank account balance: money available in a checking/savings account.
Checkbook balance: add up credit and debit transactions to understand money available
A ____ exists when striking employees influence customers to stop buying products or services of a third party.
a) economic strike
b) primary boycott
c) consumer slowdown
d) secondary boycott
d) secondary boycott
Secondary boycott: boycotting actions taken against another organization associated with the organization the primary dispute is with.