Test your basic knowledge |

DSST Principles Of Finance

Subjects : dsst, business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A corporation's basic ownership share.






2. Ratio reflecting operating efficiency; defined as net income divided by average total assets for that period.






3. Unincorporated association of two or more persons to pursue a business for profit as co-owners.






4. An acronym for the National Association of Securities Dealers Automated Quotations. NASDAQ was founded in 1970 and is the largest electronic stock exchange in the United States. Unlike the NYSE - it has no physical location - existing entirely on cyb






5. Assets put into the business by the owner.






6. A business structure that offers membership instead of shares - and combines limited liability protections with the tax from of a partneship.






7. Assumption that an organization's activities can be divided into specific time periods such as months - quarters - or years.






8. Obligations due to be paid or settled within one year or the company's operating cycle - whichever is longer.






9. List of accounts and balances prepared after period-end adjustments are recorded and posted.






10. Financial statements covering one-year period; often based on a calendar year - but any consecutive 12-month (or 52 week) period is acceptable.






11. Federal agency Congress has charged to set reporting rules for organizations that sell ownership shares to the public.






12. Assumption that an organization's activities can be divided into specific time periods such as months - quarters - and years.






13. An expense that changes from period to perio - such as food or gasoline costs.






14. Group that identifies preferred accounting practices and encourages global acceptance; issues the International Financial Reporting Standards.






15. A column in journals in which individual ledger account numbers are entered when entries are posted to those ledger accounts.






16. Uncertainty about expected return.






17. Independent group of full-time members responsible for setting accounting rules.






18. A federal agency that is responsible for regulating the securities industry an enforcing federal securites laws.






19. Consecutive 12-month (or 52 week) period chosen as the organization's annual accounting period.






20. Rules that specify acceptable accounting practices.






21. Long term assets not used in operating activities such as notes receivable and investments in stocks and bonds.






22. Tangible long lived assets used to produce or sell products and services; also called property - plant - and equipment or fixed assets.






23. Accounting system in which each transaction affects at least two accounts and has at least one debit and one credit.






24. Business owned by a single person.






25. A financial shortage that occurs when liabilities exceed assets or when cash inflows are less than cash outflows.






26. Long Term assets (resources) used to produce or sell products or services. Usually lack physical form and have uncertain benefits.






27. Difference between total debits and total credits (including the beginning balance) for an account.






28. Obligations not due to be paid within one year or the operating cycle - whichever is longer.






29. Earning received from rental property or other business activity where the individual is not actively involved (such as royalties from publishing a book)






30. A contract (usually drawn up by a lawyer) that staes how the partnership will be organized.






31. A situation in which a person is faced with two convingin yet conflicting alternatives for the solution to a difficult problem.






32. A loan that is backed by collateral such as cars - houses - or other assets.






33. The part of accounting that involves recording transactions and events either manually or electronically. Also called Bookkeeping.






34. Cash and other assets expected to be sold - collected - or used within one year or the company's operating cycle - whichever is longer.






35. Accounting information is based on cost with potential subsequent adjustments to fair value.






36. All purpose journal for recording the debits and credits of transactions and events.






37. Expenses that remain the same regardless of the circumstances.






38. Ratio of a company's net income to its net sales. The percent of income in each dollar of revenue.






39. The central bank of the United States - with 12 Federal Reserve branch banks located in major cities throughout the nation. It helps to regulate the US monetary and banking system.






40. Spreadsheets used to draft an unadjusted trial balance - adjusting entries - adjusted trial balance - and financial statements.






41. Business owned by two or more people.






42. Create the Public Company Accounting Oversight Board - regulates analyst conflicts - imposes corporate governance requirements - enhances accounting and control disclosures - impacts insider transactions and executive loans - establishes new types of






43. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.






44. Liability created when customers pay in advance for products or services; earned when the products or services are later delivered.






45. Financial instruments such as stocks - bonds - and mutual funds that are traded in a stock exchange.






46. Costs incurred in a period that are both unpaid and unrecorded; adjusting entries for recording accrued expenses and increasing liabilities.






47. The principle prescribing that revenue is recognized when earned.






48. Code of conduct by which actions are judged as right or wrong - fair or unfair - honest or dishonest.






49. A legal entity that is seperate from its owners.






50. Principle that prescribes financial statements (including notes) to report all relevant information about an entity's operations and financial condition.







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests