Test your basic knowledge |

Financial Statements

Subject : 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. Arise from the sale of long-lived assets or investments






2. Portion of assets the owners are free and clear of any liabilities

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


3. Refer to revenues from the sale of merchandise






4. Stock market trading price of the company's common stock






5. Total amount of depreciation expensed since the assets' date of purchase






6. Items of value such as inventory and equipment are financed with liabilities(debt) or stockholders' equity(owners' shares






7. Defines ethical behavior code of professional conduct






8. Amounts to be recieved in the future from customers






9. Cash - Accounts Recievable - Inventory






10. This is what it costs to produce a product or provide a service






11. Reports the company's profitability during an accounting period






12. Market price per share/EPS - to measure how expensive a company's stock is compared to EPS






13. Total assets/Stockholders equity - Explains the difference between return on assets and return on equity. A high debt ratio and the high financial risk can boost profits






14. Cost of television programs that will be aired during the next year






15. Proportional increases in the number of shares outstanding






16. Licensed by the state/conduct audits






17. Entities owning shares of stock are the owners of the corporation






18. A company's ability to pay liabilities for many years into the future






19. Net Income/ Stockholders Equity - measures how effectively stockholders' equity is used to produce net income






20. Accountants deem unusual and infrequent - may appear in the bottom section of the income statement






21. Assets- Liabilitie+ Equity OR Assets Liabilities- assets






22. Annual common stock dividends paid/average number of common shares outstanding - amount of dividends paid annually for each share of stock held by investors






23. All assets not listed as current






24. Companies divide net income by the actual average number of common shares outstanding






25. When a company sells stock to the public for the first time as a publicly traded corporation






26. Sales revenue/ total assets measures how efficiently the company uses assets to generate revenue






27. Rules that management must follow when preparing financial statements available to investors






28. Compares all amounts within on year to total assets of that same year






29. Measures how efficiently you can generate desired outputs from given inputs






30. The total number of shares actually held by investors at a given time - =Shares issued-treasury shares






31. Relate to the need for investing in property - plant - and equipment or expanding by making investments in other companies






32. Relate to a company's main business: selling products or services to earn net income






33. Cost allocated to each year of the assets life






34. Current assets/current liabilites - measure short term liquidity and the ability to pay current liabilities as they come due






35. Net Income/ total assets reveals how efficiently assets are used to generate profit






36. Actual currency - bank accounts - and investments that can be liquidated immediately






37. Expected to be converted into cash - sold - or consumed within the next 12 months






38. Due after 12 months






39. Revenues-Expenses






40. Subtracting operating expenses from gross profit (Income from Operations)






41. Indicate that returns or discounts were subtracted from total sales






42. Largest expense item which reports the wholesale costs of inventory sold during the accounting period






43. Relate to how a company finances its assets with debt or stockholders' equity






44. Highly unusual transactions that are considered unusual in nature and infrequent in occurence






45. Expresses each balance sheet item as a percentage of total assets






46. Patents - trademarks - and copyrights that have value but not any physical presence






47. Equals the difference between revenues and cost of sales






48. Entity loaning the money records a bond recievable






49. Amounts recieved from customers for products sold or services provided






50. legislative authority to set the reporting rules for accounting info of publicly held corporations







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