Mgt 100 Introduction to Business Final Exam Solutions

MGT 100 Introduction To Business Final Exam Solutions

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MGT 100 Introduction To Business Final Exam Solutions

Question 1

The most typical time frame for a budget is:

one month.

three months.

six months.

one year.

five years.

Question 2

Which of the following is NOT a Core Competency in Accounting as identified by the CPA Vision Project?

skills in interpreting converging information

strategic and critical skills

technology skills

computational skills

communication and leadership skills

Question 3

The ____________ measures the average number of times that inventory is sold and restocked during the year.

inventory turnover ratio

current ratio

the restock factor

The Learning Effect

the acid test ratio

Question 4

As buildings and equipment wear out or become obsolete, their value decreases. To reflect decreasing value, accountants use:

prepaid expenses.

subtracting methods.

depreciation.

licensing.

all of the above.

Question 5

_______________ is concerned with reporting the operations of the company as a whole to shareholders and the public.

Managerial accounting

Government accounting

Minor accounting

Financial accounting

Stock market accounting

Question 6

An expense, such as rent, that is paid before the upcoming period in which it is due is referred to as _________ on the balance sheet.

accounts receivable

futures

prepaid expenses

merchandise inventory

marketable securities

Question 7

__________ is also known as net profit or net earnings.

Operating income

Net income

Cash flow

Leverage

Selling income

Question 8

Subtracting income taxes from operating income reveals:

operating income.

net income.

cash flow.

leverage.

selling income.

Question 9

Depreciation is:

the process of distributing the cost of an asset over its useful life.

the amount paid for an existing business...