BUS 120 FINAL EXAM 2024 ACTUAL EXAM COMPLETE 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+

1 | P a g e BUS 120 FINAL EXAM 2024 ACTUAL EXAM COMPLETE 250 QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT ANSWERS) /ALREADY GRADED A+ Which of the following is not true about the impact of small business on the US Economy? - ....ANSWER ...Small businesses provide greater unemployment stability than larger firms in times of economic hardship. Which is a reason why small businesses produce more patents per employee than large businesses? - ....ANSWER... Small businesses often display a ref reshing lack of bureaucracy that allows new thinking to take hold. New research shows that small businesses are: - ....ANSWER... the backbone of urban economies. In low -income countries, a higher percentage of entrepreneurs are considered: - ....ANSWER... necessity entrepreneurs. 2 | P a g e Which of the following is a reason why many members of the European Union have low entrepreneurship rates? - ....ANSWER... These nations provide high levels of employment protection and strong unemployment insurance. _____________________ is a system for recognizing, analyzing and reporting about the financial transactions that affect and organization. d. Benchmarking. - ....ANSWER... Accounting. ________________________ work with an organization, prepare reports and a nalyze financial information such as budgets and cost management. - ....ANSWER... Management accountants. Stockholders would most likely use accounting information provided by their firm to: - ....ANSWER... determine whether they have made a good return on their investment. ________________________ typically require accounting information of a firm to evaluate its ability to pay back its loans by analyzing the firm's financial statements. - ....ANSWER... Creditors. 3 | P a g e June has completed 150 semester hours of c ollege and passed a rigorous four part accounting exam. She also has a year's experience of working as an assistant accountant for a fashion company. She provided management consultancy for multiple organizations on a fee basis. Given her qualifications an d experience, Jane is a _____________________________ accountant. - ....ANSWER... Certified Public Accountant. Generally accepted accounting principles (GAAP) is a set of accounting standards that are used in the: - ....ANSWER... preparation of financial st atements. Ultimate legal authority to set and enforce accounting standards in the US lies with the ___________________. - ....ANSWER... SEC The major responsibility of financial accounting is the preparation of the : - ....ANSWER... balance sheet, income statement and statement of cash flows. The ___________________________ summarizes a firm's financial position at a specific point in time by listing the assets, liabilities and owner's equity. - ....ANSWER... balance sheet. 4 | P a g e The accounting equation is: - ....ANSWER... Assets = Liabilities + Owner' Equity Which of the following would be listed as a liability on a balance sheet? - ....ANSWER... Wages payable Which of the following refers to the claims that stockholders have against their firm's assets? - ....ANSWER ...owner's equity Which of the following would be listed in the owner's equity section of a balance sheet? - ....ANSWER... Retained earnings. The _________________________ is a financial statement that reports the revenue, expenses and net income that resulted from a firm's operations over an accounting period. - ....ANSWER... income statement ________________________ refers to increases in a fi rm's assets that result from the sale of goods, provision of services or other activities intended to earn and income. - ....ANSWER... Revenue