“� � � Question 1 � � � The actual disbursement of cash is recorded in which of the following financial statements? � � � � “� � � Question 2 � � � A business organization that receives the limited liability of a corporation but is taxed as a proprietorship or partnership is called a: � � “� � � Question 3 � � On the income statement, operating profit is defined as: � � “� � � Question 4 � � � The average tax rate on a corporation with $75,000 in income and a tax liability of $15,000 is: � � “� � � Question 5 � � � The accrued liabilities of a firm are: � � � � � � “� � � Question 6 � � � A limited partnership is comprised of: � � “� � � Question 7 � � � Generally accepted accounting principles are formulated by the: � “� � � Question 8 � � � Of the following forms of business organization, which have the advantage of limited liability but no stockholders? “� � Question 9 � � � The term ___________ conveys a relationship of equality between the assets of the business and the sources of funds for their acquisition. � � “� � � Question 10 � � On the balance sheet, total assets minus net fixed assets equals: � � � � � � � � � � � “� � � Question 11 � � Rental or lease payments are included in which one of the following ratios? “� � � Question 12 � � The extent to which assets are used to support sales is indicated by which of the following ratios: � � “� � � Question 13 � � The price/earnings ratio (P/E) is calculated as: “� � � Question 14 � � Which one of the following types of ratios indicates the ability to meet short-term obligations to creditors as they come due? “� � � Question 15 � � Which one of the following ratios indicates the average number of days that sales are outstanding? “� � � Question 16 � � Cost-volume-profit analysis can be used to estimate the firm’s operating profits at different levels of: “� � � 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 � � The extent to which assets are financed by borrowed funds and other liabilities is indicated by: � � � “� � � Question 19 � � � � _____________ costs are a function of time (not sales) and are generally contractual. � � “� � � 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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