Financial management exam 1 and 2
questions and answers latest update |
2025 solved
The terminology contract management is used interchangeably with each of the
following except:
a) outsourcing
b) managed services
c) managed healthcare
d) compass group CORRECT ANSWERS c) managed healthcare
Cost of goods sold is calculated as:
a) beginning inventory + ending inventory - purchases
b) beginning inventory + purchases - ending inventory
c) beginning inventory - ending inventory - purchases
d) beginning inventory + ending inventory + purchases CORRECT ANSWERS b)
beginning inventory + purchases - ending inventory
The balance sheet equation could be expressed as:
a) assets = liabilities + owners equity
b) assets - liabilities = owners equity
c) assets - owners equity = liabilities
d) all of the above CORRECT ANSWERS d) all of the above
Which of the following groups would be the least appropriate to share internal financial
information with?
a) employees
b) government
c) suppilers
d) owners CORRECT ANSWERS c) suppliers
Dean Harms has just hired you to develop a student-operated nutrition clinic and
counseling center for Justin Hall. The first request is for you to propose a budget for
major equipment and space. Which budget type should you concentrate on first?
a) capital budget
b) labor budget
c) operating budget
d) cash budget CORRECT ANSWERS a) capital budget
Your supervisor has called a meeting to discuss the 2022 master budget. This will
primarily include a discussion about which of the following?
a) fixed fees, profit, and incentive budget
b) Operating, capital and cash budgets
, c) Fixed, variable and semi-variable budgets
d) None of the above CORRECT ANSWERS b) operating, capital, and cash budget
An annual operating budget that is developed from scratch with the resulting resources
allocated monthly at the same level for the budget cycle is defined as?
a) zero-based/variable
b) incremental/fixed
c) zero-based/ fixed
d) incremental/ variable CORRECT ANSWERS c) zero-based/fixed
In a given break-even analysis diagram, a horizontal line that remains consistent
regardless of the amount of sales or costs is typically called:
a) break-even point
b) variable cost
c) profit
d) fixed cost CORRECT ANSWERS d) fixed cost
In a given break-even analysis diagram, a diagonal line that represents overall inflow
dollars or revenue is called:
a) total sales
b) total loss
c) total breakeven point
d) total profit CORRECT ANSWERS a) total sales
In a given break-even analysis diagram, the demarcation where total sales and total
costs intersect is typically called:
a) cost of goods sold
b) management fees
c) break-even point
d) fixed fees CORRECT ANSWERS c) break-even point
Please consider the following financial information:
August - Justin Hall Java City Coffee & Cantina
Item
Amount
Item
Amount
Labor Cost
$50,000
Beg. Inventory
$115,000
Net Profit
-$18,667
Ending Inventory
$101,000
Food Cost
questions and answers latest update |
2025 solved
The terminology contract management is used interchangeably with each of the
following except:
a) outsourcing
b) managed services
c) managed healthcare
d) compass group CORRECT ANSWERS c) managed healthcare
Cost of goods sold is calculated as:
a) beginning inventory + ending inventory - purchases
b) beginning inventory + purchases - ending inventory
c) beginning inventory - ending inventory - purchases
d) beginning inventory + ending inventory + purchases CORRECT ANSWERS b)
beginning inventory + purchases - ending inventory
The balance sheet equation could be expressed as:
a) assets = liabilities + owners equity
b) assets - liabilities = owners equity
c) assets - owners equity = liabilities
d) all of the above CORRECT ANSWERS d) all of the above
Which of the following groups would be the least appropriate to share internal financial
information with?
a) employees
b) government
c) suppilers
d) owners CORRECT ANSWERS c) suppliers
Dean Harms has just hired you to develop a student-operated nutrition clinic and
counseling center for Justin Hall. The first request is for you to propose a budget for
major equipment and space. Which budget type should you concentrate on first?
a) capital budget
b) labor budget
c) operating budget
d) cash budget CORRECT ANSWERS a) capital budget
Your supervisor has called a meeting to discuss the 2022 master budget. This will
primarily include a discussion about which of the following?
a) fixed fees, profit, and incentive budget
b) Operating, capital and cash budgets
, c) Fixed, variable and semi-variable budgets
d) None of the above CORRECT ANSWERS b) operating, capital, and cash budget
An annual operating budget that is developed from scratch with the resulting resources
allocated monthly at the same level for the budget cycle is defined as?
a) zero-based/variable
b) incremental/fixed
c) zero-based/ fixed
d) incremental/ variable CORRECT ANSWERS c) zero-based/fixed
In a given break-even analysis diagram, a horizontal line that remains consistent
regardless of the amount of sales or costs is typically called:
a) break-even point
b) variable cost
c) profit
d) fixed cost CORRECT ANSWERS d) fixed cost
In a given break-even analysis diagram, a diagonal line that represents overall inflow
dollars or revenue is called:
a) total sales
b) total loss
c) total breakeven point
d) total profit CORRECT ANSWERS a) total sales
In a given break-even analysis diagram, the demarcation where total sales and total
costs intersect is typically called:
a) cost of goods sold
b) management fees
c) break-even point
d) fixed fees CORRECT ANSWERS c) break-even point
Please consider the following financial information:
August - Justin Hall Java City Coffee & Cantina
Item
Amount
Item
Amount
Labor Cost
$50,000
Beg. Inventory
$115,000
Net Profit
-$18,667
Ending Inventory
$101,000
Food Cost
