Quiz about Review 4

Question 1

Intranets, VPNS, and extranets are forms of what

Accepted Answer

Wide Area Network

Answer

Accounting

Answer

Expert Systems

Answer

Data Mining

Question 2

What is the term used to describe an internal web site that provides proprietary corporate
information to a defined user group

Accepted Answer

Enterprise Portals

Answer

Balance Sheet

Answer

The Discount Rate

Answer

Application Service Providers

Question 3

What system gives managers advice similar to what they would get from a human consultant

Accepted Answer

Expert Systems

Answer

Owners Equity

Answer

Line of Credit

Answer

Public Accountants

Question 4

What is the term used to describe a computer program that copies itself into other software and
can spread to other computer systems

Accepted Answer

Computer Virus

Answer

Computer Network

Answer

Securites

Answer

Grid Computing

Question 5

What is a sophisticated data application called that looks for hidden patterns in a group of data
to help predict future behavior

Accepted Answer

Data Mining

Answer

Virtual Private Network

Answer

Enterprise Portals

Answer

Collateral

Question 6

What is the term used to describe the process of collecting, recording, classifying, summarizing,
reporting, and analyzing the financial condition of an organization

Accepted Answer

Accounting

Answer

Private Accountant

Answer

Financial Manager

Answer

Public Accountant

Question 7

What do you call independent accountants who serve organizations and individuals on a fee
basis

Accepted Answer

Public Accountants

Answer

Consumer Finance Companies

Answer

Insurance Companies

Answer

Financial Management

Question 8

What is the name of the Act that redefines the public corporation-auditor relationship and
restricts the types of services auditors can provide to clients

Accepted Answer

The Sarbanes- Oxley Act of 2022

Answer

Banking Act of 1933

Question 9

What is the snapshot of the firm's financial position at a certain point in time called

Accepted Answer

Balance Sheet

Answer

Depreciation

Answer

Owners Equity

Answer

Double Entry Bookkeeping

Question 10

Savings accounts, money market deposit accounts, and certificates of deposit are examples of
what

Accepted Answer

Time Deposits

Answer

Credit Union

Answer

Bonds

Answer

Line of Credit

Question 11

What is the term used to describe the interest rate that the Federal Reserve charges member
banks for loans

Accepted Answer

Prime Rate

Answer

Reserve Requirements

Answer

Depository Financial Institution

Answer

Knowledge Management

Question 12

Commercial banks, thrift institutions, and credit unions are examples of what type of financial
institutions

Accepted Answer

Depository Financial Institution

Answer

Financial Accounting Standards Board

Answer

Monetary Policy

Answer

Consumer Finance Companies

Question 13

What type of finance companies make loans to individuals

Accepted Answer

Consumer Finance Companies

Answer

Commercial Companies

Question 14

What type of finance companies make loans to businesses

Accepted Answer

Commerical Companies

Answer

Consumer Finance Companies

Question 15

What is the name of the independent agency that is a quasi-public corporation backed by the
full faith and credit of the United States government? (It guarantees consumer deposits up to
$250K.)

Accepted Answer

Federal Deposit Insurance Corporation (FDIC)

Answer

Generally Accepted Accounting Principals (GAAP)

Answer

Financial Accounting Standards Board (FASB)

Question 16

What is the term used to describe the art and science of managing a firms money so the firm can
meet its goals

Accepted Answer

Financial Management

Answer

Monetary Policy

Answer

Accounting

Answer

Expert Systems

Question 17

What is an agreement between a bank and a business called that specifies the maximum
amount of unsecured short-term borrowing the bank will make available

Accepted Answer

Line of Credit

Answer

Balance Sheet

Answer

Deductibility

Answer

Demand Deposits

Question 18

What is the major advantage of debt financing

Accepted Answer

Deductibility

Answer

Computer Network

Answer

Securities

Answer

Owners Equity

Question 19

What are investment certificates issued by corporations or governments called

Accepted Answer

Securities

Answer

Liquidity

Answer

Bonds

Answer

Open Market Operations

Question 20

What type of workers contribute to and benefit from information that used in performing,
acquiring, searching, analyzing, organizing, storing, programming, producing, distributing,
marketing, or selling functions

Accepted Answer

Knowledge Management

Answer

Data Mining

Answer

Computer Network

Answer

Grid Computing

Question 21

What is a group of two or more computers linked together by communications channels to
share data and information called

Accepted Answer

Computer Network

Answer

GAAP

Answer

VPN

Answer

Grid Computing

Question 22

What do many companies use to connect two or more private networks over a public network,
such as the Internet

Accepted Answer

Virtual Private Network

Answer

Bonds

Answer

Business to Employee

Answer

Securities

Question 23

What are the three forms of enterprise portals

Accepted Answer

Business to Employee

Business to Business

Business to Consumer

Answer

Collateral

Answer

Open Market

Answer

Credit Union

Question 24

What is the practice called of leveraging multiple computers, often geographically distributed
but connected by networks, to work together to accomplish joint tasks

Accepted Answer

Grid Computing

Answer

VPN

Answer

Data Mining

Answer

Expert Systems

Question 25

To ensure accuracy and consistency in the way financial information is reported, accountants
follow rules known as what

Accepted Answer

Generally Accepted Accounting Principals

Answer

FASB

Answer

FDIC

Question 26

What is the name of the private organization that is responsible for establishing financial
accounting standards in the United States

Accepted Answer

Financial Accounting Standards Board

Answer

GAAP

Answer

FDIC

Question 27

What is the term used in accounting used to describe the process where every transaction
must be recorded as two different entries

Accepted Answer

Double-Entry Bookkeeping

Answer

Discount Rate

Answer

Cost of Goods

Answer

Accounting

Question 28

What is the process called that allocates the original cost of a long-term asset over the years of
its useful life

Accepted Answer

Depreciation

Answer

Expert Systems

Answer

Demand Deposits

Answer

Reserve Requirements

Question 29

What are the two types of expenses recorded on the income statement

Accepted Answer

Cost of Goods Sold

Operating Expenses

Answer

Financial Manager

Answer

Bonds

Answer

GAAP

Question 30

What are the four main types of financial ratios used in accounting and finance

Accepted Answer

Liquidity, Profitability, Activity, Debt Ratios

Answer

Credit Union

Answer

Reserve Requirements

Answer

Open Market Operations

Question 31

A checking account is also commonly referred to as what type of deposit

Accepted Answer

Demand Deposits

Answer

Credit Union

Answer

Bond

Answer

Specialty

Question 32

What are the three principal tools of the Federal Reserve System

Accepted Answer

Open Market Operation, Reserve Requirements, Discount Rate

Answer

Computer Network

Answer

Credit Union

Answer

Double-Entry Bookkeeping

Question 33

What is the term used to describe the percentage amount that the Federal Reserve banks must
hold a certain portion of their deposits in reserve

Accepted Answer

Reserve Requirements

Answer

Depreciation

Answer

Speciality

Answer

Bonds

Question 34

What is one type of financial institution that is a not-for-profit institution

Accepted Answer

Credit Union

Answer

Debt Ratios

Answer

Banking Act of 1933

Answer

GAAP

Question 35

What Banking Act created the FDIC

Accepted Answer

Banking Act of 1933

Answer

The Sarbanes- Oxley Act of 2002

Question 36

What is the primary goal of the financial manager

Accepted Answer

Maximize the value of the firm

Answer

Accounting

Answer

Computer Systems

Question 37

What is the term used to describe the specific assets that a borrower pledges to secure a loan

Accepted Answer

Collateral

Answer

Debt Ratio

Answer

Bond

Answer

Specialty

Question 38

What are long-term debts (liabilities) for corporations and governments called

Accepted Answer

Bonds

Answer

Knowlege Management

Answer

Owners Equity

Answer

Deductibility

Question 39

What are investment certificates called that represent either ownership of a corporation or a
loan to the corporation

Accepted Answer

Securities

Answer

Balance Sheet

Answer

Line of Credit

Answer

Discount Rate

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