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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. 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






2. A corporation's basic ownership share.






3. Assets pulled out of the business by the owner.






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






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






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






7. A type of savings account that offers higher interest rates - with higher minimum deposit levels than a regular savings account.






8. Monies (or sums of money) received from an investment; often in percent form.






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






10. Record in which trans actions are entered before they are posted to ledger accounts; also called the book of original entry.






11. Recurring steps performed each accounting period - starting with analyzing transactions and continuing through the post closing trial balance (or reversing entries).






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






13. Items paid for in advance of receiving their benefits. Classified as assets.






14. Accounting principle that prescribes financial statement information to be based on actual costs incurred in business transactions.






15. Resources that a company owns or controls that are expected to provide current and future benefits to the business.






16. Happenings that both affect an organization's financial position and can be reliably measured.






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






18. Individuals or organizations that owe money.






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






20. Record of money deposited in a financeial instution for a state time perio at a fixe interest rate.






21. The money left over when income exceeds expenditure.






22. Activities within an organization that can affect the accounting equation.






23. Individuals or organizations entitled to receive payments






24. Business owned by two or more people.






25. Principle that prescribes financial statements to reflect the assumption that the business will continue operating.






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






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






28. Temporary account used only in the closing process to which the balances of revenue and expense accounts (including any gains or losses) are transferred. Its balance is transferred to the capital account (or retained earnings for a corporation).






29. Record containing all accounts (with amounts) for a business.






30. Excess of expenses over revenues for a period.






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






32. Owners of a corporation who usually receive dividends. Also called shareholders.






33. An investment scam that uses the assets from new investors to make payments to older investors. Named after Charles Ponzi who used the technique in the early 1900s to defraud thousands of investors.






34. Accounts that reflect activities related to one or more future periods; balance sheet accounts whose balances are not closed. Also called real accounts.






35. Financial statements covering periods of less than one year; usually based on one- - three- - or six-month periods.






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






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






38. Necessary end of period steps to prepare the accounts for recording the transactions of the next period.






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. Expense created by allocating the cost of plant and equipment to periods in which they are used. Represents the expense of using the asset.






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






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






43. List of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.






44. Equality involving a company's assets - liabilities - and equity; Assets = Liabilities + Equity






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






46. Analyses and other informal reports prepared by accountants and managers when organizing information for formal reports and financial statements.






47. Recorded on the left side; an entry that increases asset and expense accounts - and decreases liability - revenue and most equity accounts. Abbreviated Dr.






48. Prescribes that accounting for items that significantly impact a financial statement and any inferences from them adhere strictly to GAAP.






49. Financial statement that lists types and dollar amounts of assets - liabilities - and equity at a specific date.






50. Balance sheet that broadly groups assets - liabilities - and equity accounts.







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