“� � � Question 1 � � � For a given accounting period, which of the following is likely to represent primarily variable costs? � � � � � � “� � � Question 2 � � � A limited partnership is comprised of: � � � � � � “� � � Question 3 � � � Generally accepted accounting principles are formulated by the: � � � � � “� � � Question 4 � � � For corporations, the principal-agent relationship usually refers to the relationship between: � � � � � � “� � � Question 5 � � � A business organization that receives the limited liability of a corporation but is taxed as a proprietorship or partnership is called a: � � � � � � “� � � Question 6 � � � The average tax rate on a corporation with $75,000 in income and a tax liability of $15,000 is: � � � � � “� � � Question 7 � � � The current liabilities of a business may include: � � � � “� � � Question 8 � � � Of the following forms of organization, which businesses are the greatest in numbers? � � � “� � � Question 9 � � � The depreciation method currently used for tax purposes today is called the: � � � � � � “� � � Question 10 � � Corporate stockholders: � � � � “� � � Question 11 � � Which of the following is not a variable cost? � � � � “� � � Question 12 � � Which one of the following types of ratios indicates the ability to meet short-term obligations to creditors as they come due? � � � � “� � � Question 13 � � _____________ costs are a function of quantity sold, not time. � � � � “� � � Question 14 � � Cost-volume-profit analysis can be used to estimate the firm’s operating profits at different levels of: � � � � � � � � � � � � “� � � Question 15 � � ________ evidence of the existence of a problem or outstanding management performance is provided by ratio analysis. � � � � � � � “� � � Question 16 � � As part of the measurement of financial leverage, the total debt ratio is calculated as: � � “� � � Question 17 � � The method of calculating return on assets which highlights the importance of sales, profit margin, and asset turnover is known as: � � � � “� � � Question 18 � � _____________ costs are a function of time (not sales) and are generally contractual. � � � � “� � � Question 19 � � Which one of the following ratios indicates the average number of days that sales are outstanding? � � � � � � “� � � Question 20 � � The ability of a firm to meet its short-term debt obligations as they come due is indicated by which of the following ratios:
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