Financial Statement Quiz

If a fish farm’s financial statement shows total liabilities of $400,000 and a net worth of $200,000, the debt-to-equity ratio is:

• 1:03.

• 1:04.

• 2:01.

• 2:04.

Answer explanation

The debt-to-equity ratio is calculated as total liabilities divided by net worth. Here, it is $400,000 / $200,000 = 2:01. Thus, the correct answer is 2:01.

If a recreational supply company has total assets of $700,000 and total liabilities of $300,000, what number is the correct entry on the net worth line of a financial statement?

• $100,000

• $300,000

• $400,000

• $700,000

Answer explanation

Net worth is calculated as total assets minus total liabilities. Here, $700,000 (assets) - $300,000 (liabilities) equals $400,000. Therefore, the correct entry on the net worth line is $400,000.

A financial statement lists mortgages due after the current year as:

• current assets.

• current liabilities.

• noncurrent assets.

• noncurrent liabilities.

Answer explanation

Mortgages due after the current year are classified as noncurrent liabilities because they are obligations that are not expected to be settled within the next 12 months.

On a net worth statement, net worth is the same as:

• current assets.

• equity.

• concurrent assets.

• current liabilities.

Answer explanation

On a net worth statement, net worth represents the value of assets minus liabilities, which is equivalent to equity. Therefore, the correct answer is equity.

If an aquaculture facility has a $500,000 mortgage on land and buildings, and owes Farm Credit Service $60,000 for this year’s mortgage payment, what amount should be entered on the current liability line of the financial statement?

• $60,000

• $440,000

• $500,000

• $560,000

Answer explanation

The current liability represents the amount due within the year. The $60,000 owed for this year's mortgage payment is the only current liability, while the $500,000 mortgage is a long-term liability.

A form of documentation that Jasmine can use as part of her Experimental SAE would include:

• an employer evaluation.

• a report of findings.

• a financial report.

• a training plan.

Answer explanation

A report of findings is essential for documenting the results of Jasmine's Experimental SAE, providing insights and conclusions drawn from her work, which is crucial for evaluation and future reference.

Tags

NGSS.HS-PS3-4

What part of a Foundational SAE is Steven completing by comparing the tuition and expenses of three colleges that offer a forestry management degree?

• Personal Financial Management and Planning

• Employability Skills for Career Readiness

• Agricultural Literacy

• Workplace Safety

Answer explanation

Steven is comparing tuition and expenses, which falls under Personal Financial Management and Planning. This part of a Foundational SAE focuses on understanding and managing financial aspects related to education.

What type of Immersion SAE is Zannah completing by developing walking trails for outdoor events with her Girl Scout troop?

• Invention

• Research

• Service Learning

• Entrepreneurship

Answer explanation

Zannah is engaging in Service Learning by developing walking trails for outdoor events with her Girl Scout troop. This activity combines community service with learning, making it a practical application of skills for a social purpose.

Tags

NGSS.MS-ETS1-1

What part of a Foundational SAE is Megan completing by creating a résumé and comparing her skills to those needed to become an ecologist?

• Personal Financial Management and Planning

• Employability Skills for Career Readiness

• Career Exploration and Planning

• Workplace Safety

Answer explanation

Megan is developing her résumé and assessing her skills against those required for an ecologist, which falls under Employability Skills for Career Readiness. This process enhances her readiness for the job market.

After students receive feedback from their advisor on the Foundational SAE and career plan, what is the next step for students in developing their SAE?

• Applying to colleges that focus on their career interest

• Creating a résumé for their future career

• Choosing an Immersion SAE

• Joining an athletic team

Answer explanation

After receiving feedback, the next step for students is to choose an Immersion SAE. This choice allows them to engage deeply in a specific area of interest, aligning their practical experience with their career goals.