part 1 business and finance exam 2
The equation to find the comparison ratio is which of the following? - answerIncome /
Expenses
What is the recovery period for office equipment? - answerIts estimated years of useful
life
If a construction company job is worth more than $2,500, and there is a construction
loan covering the work, which party is responsible for posting a copy of the notice of
commencement at the job site? - answerthe owner
A legal technique used to help minimize taxes includes which of the following? -
answerShifting
Under the Florida Reemployment Compensation Employer Handbook, a company can
terminate its liability under the system so long as it is not liable for at least? -
answerEntire calendar year
According to the Builder's Guide to Accounting, the act of setting up an asset in the
general ledger is called what? - answerCapitalizing
According to the Builder's Guide to Accounting, it may help your collections to offer
incentive discounts such as which of the following? - answer2% - 10, net 30
According to the Builder's Guide to Accounting, in setting up a job cost ledger, a
deferred credit is listed as what? - answerA liability
What is the correct formula for the delinquent ratio? - answerTotal receivables /
Delinquent receivables
Which of the following would NOT represent an unfavorable trend? - answerDelinquent
receivables and bad debts decrease as credit sales decrease in relation to total sales
What is the most common modern bookkeeping method called? - answerDouble-Entry
Bookkeeping
According to the Builder's Guide to Accounting, approximately what percentage of your
direct costs will be for materials? - answer50%
According to the Builder's Guide to Accounting, what is another name for a retained
earnings account? - answerEquity
The equation to find the comparison ratio is which of the following? - answerIncome /
Expenses
What is the recovery period for office equipment? - answerIts estimated years of useful
life
If a construction company job is worth more than $2,500, and there is a construction
loan covering the work, which party is responsible for posting a copy of the notice of
commencement at the job site? - answerthe owner
A legal technique used to help minimize taxes includes which of the following? -
answerShifting
Under the Florida Reemployment Compensation Employer Handbook, a company can
terminate its liability under the system so long as it is not liable for at least? -
answerEntire calendar year
According to the Builder's Guide to Accounting, the act of setting up an asset in the
general ledger is called what? - answerCapitalizing
According to the Builder's Guide to Accounting, it may help your collections to offer
incentive discounts such as which of the following? - answer2% - 10, net 30
According to the Builder's Guide to Accounting, in setting up a job cost ledger, a
deferred credit is listed as what? - answerA liability
What is the correct formula for the delinquent ratio? - answerTotal receivables /
Delinquent receivables
Which of the following would NOT represent an unfavorable trend? - answerDelinquent
receivables and bad debts decrease as credit sales decrease in relation to total sales
What is the most common modern bookkeeping method called? - answerDouble-Entry
Bookkeeping
According to the Builder's Guide to Accounting, approximately what percentage of your
direct costs will be for materials? - answer50%
According to the Builder's Guide to Accounting, what is another name for a retained
earnings account? - answerEquity
