AGBU 2389 Final Exam Questions With
Correct Answers
A |systematic |organization |of |everything |owed |and |owned |by |a |business |or |individual |- |
CORRECT |ANSWER✔✔-Balance |sheet
Average |cost |of |producing |one |unit |of |a |commodity |- |CORRECT |ANSWER✔✔-Cost |of |
production
Are |two |different |yet |related |financial |statements |- |CORRECT |ANSWER✔✔-The |balance |sheet |
and |income |statement
Provides |an |estimate |of |the |potential |revenue, |expenses, |and |profit |for |a |single |enterprise |- |
CORRECT |ANSWER✔✔-Enterprise |budget
Assets=liabilities-owner |equity |- |CORRECT |ANSWER✔✔-False
An |obligation |or |debt |owed |to |someone |else, |or |an |outsiders |claim |against |one |or |more |of |the
|business |assets |- |CORRECT |ANSWER✔✔-Liabilities
Also |known |as |fixed |expenses |- |CORRECT |ANSWER✔✔-Ownership |expenses
Two |concepts |that |a |business |would |use |to |measure |their |financial |position |- |CORRECT |
ANSWER✔✔-Liquidity |and |solvency
The |yield |necessary |to |cover |all |costs |at |a |given |output |price |- |CORRECT |ANSWER✔✔-Break |
even |yield
, The |balance |sheet |summarizes |the |financial |condition |of |the |business |at |a |- |CORRECT |
ANSWER✔✔-Point |in |time
Goods |that |have |already |been |produced |that |can |be |sold |quickly |and |easily |without |disrupting
|future |production |activities |- |CORRECT |ANSWER✔✔-Liquid |assets
Also |known |as |building |blocks |- |CORRECT |ANSWER✔✔-Enterprise |budgets
Are |all |cash |receipts |counted |as |revenue |on |the |income |statement |- |CORRECT |ANSWER✔✔-
No
Concerned |with |the |profit |relative |with |the |size |of |the |business |- |CORRECT |ANSWER✔✔-
Profitability
Gain |or |loss |on |the |sale |of |capital |assets |shows |up |in |this |section |- |CORRECT |ANSWER✔✔-
Revenue |section
Reflects |the |manager's |best |estimate |as |to |what |will |happen |in |the |future |if |the |current |plan |
is |followed |- |CORRECT |ANSWER✔✔-Budget
The |price |needed |to |cover |all |costs |at |a |given |output |level |- |CORRECT |ANSWER✔✔-Break |
even |price
Another |term |for |economic |variable |costs |- |CORRECT |ANSWER✔✔-Operating |costs
An |asset |not |classified |as |a |current |asset |- |CORRECT |ANSWER✔✔-Non |current |asset
Correct Answers
A |systematic |organization |of |everything |owed |and |owned |by |a |business |or |individual |- |
CORRECT |ANSWER✔✔-Balance |sheet
Average |cost |of |producing |one |unit |of |a |commodity |- |CORRECT |ANSWER✔✔-Cost |of |
production
Are |two |different |yet |related |financial |statements |- |CORRECT |ANSWER✔✔-The |balance |sheet |
and |income |statement
Provides |an |estimate |of |the |potential |revenue, |expenses, |and |profit |for |a |single |enterprise |- |
CORRECT |ANSWER✔✔-Enterprise |budget
Assets=liabilities-owner |equity |- |CORRECT |ANSWER✔✔-False
An |obligation |or |debt |owed |to |someone |else, |or |an |outsiders |claim |against |one |or |more |of |the
|business |assets |- |CORRECT |ANSWER✔✔-Liabilities
Also |known |as |fixed |expenses |- |CORRECT |ANSWER✔✔-Ownership |expenses
Two |concepts |that |a |business |would |use |to |measure |their |financial |position |- |CORRECT |
ANSWER✔✔-Liquidity |and |solvency
The |yield |necessary |to |cover |all |costs |at |a |given |output |price |- |CORRECT |ANSWER✔✔-Break |
even |yield
, The |balance |sheet |summarizes |the |financial |condition |of |the |business |at |a |- |CORRECT |
ANSWER✔✔-Point |in |time
Goods |that |have |already |been |produced |that |can |be |sold |quickly |and |easily |without |disrupting
|future |production |activities |- |CORRECT |ANSWER✔✔-Liquid |assets
Also |known |as |building |blocks |- |CORRECT |ANSWER✔✔-Enterprise |budgets
Are |all |cash |receipts |counted |as |revenue |on |the |income |statement |- |CORRECT |ANSWER✔✔-
No
Concerned |with |the |profit |relative |with |the |size |of |the |business |- |CORRECT |ANSWER✔✔-
Profitability
Gain |or |loss |on |the |sale |of |capital |assets |shows |up |in |this |section |- |CORRECT |ANSWER✔✔-
Revenue |section
Reflects |the |manager's |best |estimate |as |to |what |will |happen |in |the |future |if |the |current |plan |
is |followed |- |CORRECT |ANSWER✔✔-Budget
The |price |needed |to |cover |all |costs |at |a |given |output |level |- |CORRECT |ANSWER✔✔-Break |
even |price
Another |term |for |economic |variable |costs |- |CORRECT |ANSWER✔✔-Operating |costs
An |asset |not |classified |as |a |current |asset |- |CORRECT |ANSWER✔✔-Non |current |asset
