An important purpose of accounting is to provide accurate financial information that is useful to
FI-085 Pretest

Quiz
•
Business
•
9th - 12th Grade
•
Hard
Tina Ricks
Used 11+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
management.
suppliers.
employees.
government.
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
What do managers use for financial planning purposes?
Production schedules
Operating standards
Business policies
Accounting information
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A business can determine its net income by subtracting total
liabilities from assets.
expenses from gross margin.
sales revenue from trade credit.
operating expenses from net worth.
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A financial statement of a firm's current assets and liabilities is called a(n)
income statement.
cash-flow projection.
balance sheet.
profit-and-loss statement.
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
The profit a business has earned can be determined from the business's
income statement.
balance sheet.
assets.
budget.
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
A business has an inventory valued at $750,000. This amount would appear in the business's balance sheet under
current assets.
liabilities.
capital gains.
income.
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following would be included in a business's income statement:
Operating expenses
Liabilities
Cash on hand
Net worth
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