Practice 1
Quiz #1 100%
1.This is the routine, systematic method of accumulating, analyzing, inputting and summarizing
financial information.
Select one:
a. Financial Statement
b. Assets
c. Bookkeeping
d. Liabilities
Select one:
a. Investing
b. Financing
c. Auditing
d. Operating
3.This is the fundamental financial statement that contains listing of company's resources,
valuable thing such as cash, land, its inventory or those things that it holds to sell.
Select one:
a. Liabilities
b. Balance Sheet
c. Bookkeeping
d. Assets
10. The Net Amount of assets that is generated by a business through its business operations.
Select one:
a. Expenses
b. Net Income
c. Note
d. Revenue
Quiz #2 100%
1.What are the four types of Accounting?
Select one:
a. Bookkeeping, Personal, Financial, Managerial
b. Bookkeeping, Financial, Managerial, Income Taxes
c. Personal, Company, Managerial, Income Taxes
d. Bookkeeping, Managerial, Financial, Company
2. It is part of Managerial Accounting that is intended for people inside the business who are
making daily decisions.
Select one:
a. Balance Sheet
b. None of the choices
c. Income Taxes
d. Detailed Data
3. What are the two fundamental reports in financial accounting?
Select one:
a. Asset Report and Tax Returns
b. Bank Statements and Tax Returns
c. Balance Sheet and Income Statement
d. Income Statements and Bank Statements
9. Capital gains income and ordinary income are taxed at what rate?
Select one:
a. They are taxed the same
b. Capital gains is taxed lower
c. Depends on which income is higher
d. Ordinary income is taxed lower
Quiz #3 100%
1. It is an important tax. It is required to a government based on the amount of a person’s income/ a
company’s profit.
Select one:
a. Tax
b. Income Tax
c. Outcome Tax
d. Average Tax
2. Created and managed by an individual.
Select one:
a. IDAA
b. IPA
c. IBA
d. IRA
3. The same characteristic of sole proprietorship and partnership under the structure to business.
Select one:
a. Limited Life
b. Easy to Form
c. Unlimited Liability
d. Easy to terminate
4. It is the concealing income or falsifying deduction in order to pay less tax than required by law.
Select one:
a. Tax Division
b. Tax Vision
c. Tax Evasion
d. Tax Envision
5. Deduction for home office is only available if the office is exclusively used for business and on a
regular basis.
Select one:
a. True
b. False
Quiz #4 100%
1. A financial model which involves the computing of how many years it will take to recover
the initial investment cost.
Select one:
a. Budgeted Income Statement
b. Production Budget
c. Payback period
d. Net Present value
3. This summarizes all cash expected to flow into the business during the budget period.
Select one:
a. Cash payments
b. Flexible budget
c. Cash receipts
d. Financing
6.A category of short-run planning which elaborates on the best use of committed resources in
order to maximize profit.
Select one:
a. Production and Process Prioritizing
b. Operations Budgeting
c. Capital Budgeting
d. Strategic Planning
7. Its overall purpose is to clearly establish a plan so that performance, in relation to a goal or the
plan, can be carefully monitored.
Select one:
a. Strategies
b. Short-Run Planning
c. Budget
d. Long-Run Planning
8.This is used by managers to establish and communicate daily, weekly and monthly goals for
the organization.
Select one:
a. Production and Process Prioritizing
b. Capital Budgeting
c. Strategic Planning
d. Operations Budgeting
Select one:
a. Payback period
b. Net Present value
c. Budgetary Slack
d. Capital Expenditures
10. This always begins the budgeting process and drives the many related budgets.
Select one:
a. Sales forecast
b. Production budget
c. Master budget
d. Sales budget
Quiz #5 100%
1.The broad subject of finance encompasses the following except for one.
Select one:
a. How do I get the money to buy those things
b. How do I manage things efficiently once I have them
c. How do I produce the actual product
d. Identifying what things I need
3.This term means explicitly and mathematically using the time value of money to make long-
term decisions.
Select one:
a. Capital budgeting
b. Financing
c. Equity financing
d. Discounting
4.The type of fund wherein experts specifically and strategically decide where to invest
your money.
Select one:
a. Managed Fund
b. Index Fund
c. Private Equity Fund
d. Hedge Fund
5. This financial ratio states obligations you are expected to pay within the current year
Select one:
a. Price earnings ratio
b. Current liabilities ratio
c. Debt Ratio
d. Current assets ratio
6. Cash that is free to be used in any other way that you want.
Select one:
a. Free revenues
b. Free cash flow
c. Free cash fund
d. Assets
7. The financial institution that helps companies with deals and engages in investment trading for
clients and themselves.
Select one:
a. Investment funds
b. Insurance companies
c. Investment banks
d. Traditional Banks
Quiz #6 100%
1.This is the summary of all financial activities of a company, including the day to day
transactions.
Select one:
a. Stock price
b. Initial Public Offering Price
c. Accounting journal
d. Financial statement
3.This refers to the difference between money coming into the company and expenditures.
Select one:
a. Transaction
b. Depreciation
c. Profitability
d. Revenue
d. Income Statement
1o. Allocating the cost of an asset over the asset’s lifetime is called _______________.
Select one:
a. Accounting Journal
b. Transaction
c. Depreciation
d. Profitability
Quiz #7 100%
1.The keystroke shortcut for AutoSum
Select one:
a. Alt + #
b. Alt + =
c. Alt + /
d. Alt + AS
2. We can count the number of cells that have data in them using this function.
Select one:
a. AutoSum
b. Lookup
c. Count
d. IF
3.This function gives us the ability to come up with alternate answers depending upon the
content of cells or calculations that we're comparing it with.
Select one:
a. Lookup
b. AutoSum
c. IF
d. Count
4. Protecting the sheet enables other trusted users to make changes to selected rows/columns.
Select one:
a. False
b. True
5. This function enables others to work on the same file at the same time.
Select one:
a. Show Markup
b. Pivot Tables
c. Share Workbook
d. Track Changes
6.This function is especially useful if the document is almost done and you’re working with
others
to make revisions or give feedbacks.
Select one:
a. Share Workbook
b. Show Markup
c. Track Changes
d. Pivot Tables
7. This tab gives us the quick ability to summarize information and allows us to sort data and
filter it.
Select one:
a. Insert
b. Pivot tables
c. View
d. Review
Quiz #8 100%
1.It allows us to round to a significant number of decimal places.
Select one:
a. Down Function
b. Surround Function
c. Round Function
d. Bound Function
3. What to type to round up the price upward to the very next penny? (for decimal)
Select one:
a. Press F4 +ROUND_UP
b. Press F8+ ROUND_+
c. Press F2 + ROUNDup
d. Press F2+ ROUNDap
7.
8.
Quiz #9 100%
1. What to press in the keyboard so the letter for different shortcuts will appear in the interface.
Select one:
a. Tab
b. Shift
c. CTRL
d. Alt
2.What kind of mark you should use so the digit zero will stay in the same if zero is the first digit
in a value?
Select one:
a. Period
b. Slash
c. Apostrophe
d. Comma
3. These are extremely flexible and powerful tool that you can use to analyze your data in Excel.
Select one:
a. Sum Table
b. Pivot Table
c. Turn Table
d. Total Table
4. It can stand alone, also followed by two or more conditions separated by comma.
Select one:
a. OR function
b. END function
c. AND function
d. IF function
5. Excel’s two functions which is similar in nature that allows us to replace information.
Select one:
a. Place and Exchange
b. Set and Switch
c. Replace and Substitute
d. Substitute and Swap