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






2. Net Income-Preferred Dividends/Common Stockholders equity - To analyze stock performance






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






4. 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


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






6. Contributed capital - beginning + issuance of shares - (Repurchase to retire shares)






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






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






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






10. Recorded in stockholders equity 1. unrealized gains/losses on certain securities 2. Foreign currency translation adjustments 3. Certain gains/losses on pension plans






11. Cost of bringing in revenues






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






13. Idea that accountants usually record transactions when they occur - not necessarily when cash is recieved or paid






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






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






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






17. Monies to be recieved by the company from customers






18. Borrowing corporation records bonds payable






19. Operating Income/Interest Expense - compares the amount of income available to make interest payments to interest payment requirements






20. Net Income/Sales Revenue measures the profitability of each dollar of revenue






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






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






23. Standardizes each item as based on a base year and reports data for subsequent years as a multiple of the standard






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






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






26. Equals the difference between revenues and cost of sales






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






28. Expresses each income statement item as a percentage of sales






29. Due after 12 months






30. Firm's ability to satisfy short term debt






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






32. Reports cash inflows + cash outflows during an accounting period






33. Establish auditing standards and conduct inspections of the public accounting firm that perform audits






34. Records transactions when cash is recieved or paid






35. Compares all amounts within one year to revenue of that same year






36. Provides a snapshot of a company's financial position as of a certain date






37. Contracts that give their holders the right to buy or sell shares of stock at a certain market price






38. Includes all costs of generating sales besides cost of sales






39. Smaller proportional increases in the number of shares outstanding






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






41. Recorded when a company closes down or sells part of its business






42. Reports if the earnings of this accounting period are distributed as dividends or retained in the business as retained earnings. Also reports amounts paid by stockholders to purchase common stock and preferred stock






43. Assets=

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


44. Net income earned by the company since its incorporation and not yet distributed as dividends






45. Shares are bought and sold on stock exchanges such as the New york stock exchange






46. Refer to revenues from the sale of merchandise






47. A legal value assigned to each share of stock






48. 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






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






50. Amounts to be recieved in the future from customers







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