2. Click to begin Click to begin Mr. Thomas Chapter 12

3. Multiple Multiple Choice Multiple Multiple Choice Fill-In The Fill-In The Blank 10 Points 20 Points 30 Points 40 Points 50 Points 10 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 Points 50 Points Multiple Multiple Choice True or False True or False 10 Point

4. To prepare a budget, a business must be able to identify and predict the amount of each source of income and each type of expense. True & False For 10 Points False True Back to Game

5. An accounts receivable record identifies the companies from which credit purchases were made and the amount purchased, paid, and owed. True & False FOR 20 Points False True Back to Game

6. Sales and profits for a specific period are reported in a company’s income statement. True & False For 30 Points False True

7. Assets – Liabilities = Owner’s Equity. True & False For 40 Points False True Back to Game

8. Payroll taxes consist of income taxes, Social Security, Medicare, and unemployment taxes. True & False For 50 Points False True Back to Game

9. The company’s liabilities divided by the owners’ equity is the current ratio. True & False For 10 Points Back to Game False True

10. A business will make a profit if Multiple Choice For 20 Points expenses decrease and revenue increases. revenue is greater than expenses. revenue equals expenses. expenses are greater than revenue. Back to Game

11. For long-established businesses, the main source of budget information is Multiple Choice For 30 Points the Small Business Administration. the Internet. business magazines and newspapers. the business’s financial records. Back to Game

12. Which of the following is NOT generally a goal of a business budget? Multiple Choice For 40 Points to convince employees to take a big pay cut so the business can avoid bankruptcy to reward investors if there is a profit to determine how income will be distributed to cover expenses to determine the sources and amounts of income Back to Game

13. An operating budget is usually planned for Multiple Choice For 50 Points one year. six months. three months. all of the above time frames. Back to Game

14. Which type of financial records identify the amount assets have decreased in value due to their age and use? Multiple Choice For 10 Points cash records depreciation records asset records accounts payable records Back to Game

15. In simple terms, ____ are what a company owns. Multiple Choice For 20 Points owner’s equity profits assets revenues Back to Game owner’s equity profits assets revenues

16. Which of the following is NOT a long- term asset? Multiple Choice For 30 Points buildings inventory land equipment Back to Game

17. Total Revenue – Total Expenses = Multiple Choice For 40 Points Liabilities. Owner’s Equity. Assets. Net Income. Back to Game

18. All of the following would be considered expenses EXCEPT Multiple Choice For 50 Points purchases of supplies. interest earned on investments. wages paid to employees. taxes. Back to Game

19. Which of the following is NOT a common way businesses pay employees? Multiple Choice For 10 Points bi-weekly monthly yearly weekly Back to Game

20. Which of the following would NOT be considered a benefit? Multiple Choice For 20 Points paid vacation health insurance unpaid vacation a salary Back to Game

21. Employers must make matching contributions to Multiple Choice For 30 Points FICA taxes. unemployment taxes. income taxes. all of the above Back to Game

22. Most businesses include a(n) ____ with the employee’s paycheck; this document usually includes information for the current pay period as well as the cumulative amounts for the year. Multiple Choice For 40 Points payroll record financial report earnings report income statement Back to Game

23. The final step in the financial decision-making process is to Multiple Choice For 50 Points examine the budget for discrepancies. make needed adjustments to the budget. prepare a budget. check to see if income and expenses are meeting budgeted amounts. Back to Game

24. The costs of operating a business are called ____________________. Back to Game Fill-In The Blank For 10 Points balance Asset expenses payroll budget Inventory Current self direct discrepancy

25. A detailed plan for a business’s financial needs is called a(n) ____________________. Back to Game Fill-In The Blank For 20 Points balance Asset expenses payroll budget Inventory Current self direct discrepancy

26. A company reports its assets, liabilities, owner’s equity, and net profit on the ____________________ sheet. Back to Game Fill-In The Blank For 30 Points balance Asset expenses payroll budget Inventory Current self direct discrepancy

27. Proprietors must pay ____________________-employment taxes, which are contributions to Medicare and Social Security. Back to Game Fill-In The Blank For 40 Points balance Asset expenses payroll budget Inventory Current self direct discrepancy

28. With ____________________ deposit, an employer transfers net pay electronically into an employee’s bank account. Back to Game Fill-In The Blank For 50 Points balance Asset expenses payroll budget Inventory Current self direct discrepancy

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