ETS MFT Business Exam
___________ is a partnership made from or greater companions. The widespread accomplice
oversees and runs the business whilst restrained partners do no longer partake in handling the
commercial enterprise. However, the general associate of a _______________ has limitless
legal responsibility for the debt, and any restrained companions have limited liability up to the
quantity of their investment.
A. Company
b. Trendy partnership
c. Limited partnership
d. Member-controlled restricted-liability agency - ANS-c. Limited partnership
___________ is an asset-control and valuation method in which property produced or acquired
first are bought, used, or disposed of first. Also, provides a higher indication of the value of
finishing stock (at the balance sheet), however it also increases internet earnings because stock
that is probably numerous years old is used to cost COGS. Increasing net profits sounds true,
however it can boom the taxes that a company must pay.
A. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Weighted Average
d. Standard Cost - ANS-a. FIFO
____________ permit for a partnership shape where every accomplice's liabilities is constrained
to the quantity they put into the business. Common in expert enterprise like law firms,
accounting firms, and wealth managers.
A. LLC
b. Widespread partnership
c. Restricted partnership
d. Limited Liability partnership (LLP) - ANS-d. Limited legal responsibility partnership (LLP)
_______________ the exercise of substituting an predicted cost for an actual cost inside the
accounting data. Subsequently, variances are recorded to show the distinction among the
predicted and real costs.
A. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Average Costing/Weighted Average
d. Standard Cost - ANS-d. Standard Costing
, ________________ are written data that carry the business sports and the financial overall
performance of a business enterprise. ________________ are often audited by way of
government corporations, accountants, corporations, and so forth. To make certain accuracy
and for tax, financing, or investing purposes.
A. Economic statements
b. Cash drift statement (CFS)
c. Earnings statements
d. Stability sheet - ANS-a. Financial statements
________________ assigns a price to stock gadgets based totally on the overall price of goods
bought or produced in a period divided via the entire range of objects bought or produced.
A. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Average Costing/Weighted Average
d. Standard Cost - ANS-C. Average Costing/Weighted Average
________________ measures how nicely a organization generates coins to pay its debt
responsibilities, fund its operating costs, and fund investments.
A. Monetary statements
b. Cash float declaration (CFS)
c. Income statements
d. Balance sheet - ANS-b. Coins waft statement (CFS)
_________________ is a felony entity this is separate and awesome from its proprietors.1 They
enjoy most of the rights and duties that individuals possess: they could enter contracts, loan and
borrow cash, sue and be sued, lease personnel, personal belongings, and pay taxes. Some talk
over with it as a "prison man or woman."
a. Organisation
b. Preferred partnership
c. Confined partnership
d. Member-controlled restrained-liability corporation - ANS-a. Corporation
________________is a business association via which two or extra people comply with
percentage in all belongings, income, and economic and felony liabilities of a mutually-owned
business. Partners comply with unlimited liability, which means liabilities are not capped and
may be paid through the seizure of an proprietor's assets and any accomplice can be sued for
the business's debts.
A. Company
b. Wellknown partnership
___________ is a partnership made from or greater companions. The widespread accomplice
oversees and runs the business whilst restrained partners do no longer partake in handling the
commercial enterprise. However, the general associate of a _______________ has limitless
legal responsibility for the debt, and any restrained companions have limited liability up to the
quantity of their investment.
A. Company
b. Trendy partnership
c. Limited partnership
d. Member-controlled restricted-liability agency - ANS-c. Limited partnership
___________ is an asset-control and valuation method in which property produced or acquired
first are bought, used, or disposed of first. Also, provides a higher indication of the value of
finishing stock (at the balance sheet), however it also increases internet earnings because stock
that is probably numerous years old is used to cost COGS. Increasing net profits sounds true,
however it can boom the taxes that a company must pay.
A. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Weighted Average
d. Standard Cost - ANS-a. FIFO
____________ permit for a partnership shape where every accomplice's liabilities is constrained
to the quantity they put into the business. Common in expert enterprise like law firms,
accounting firms, and wealth managers.
A. LLC
b. Widespread partnership
c. Restricted partnership
d. Limited Liability partnership (LLP) - ANS-d. Limited legal responsibility partnership (LLP)
_______________ the exercise of substituting an predicted cost for an actual cost inside the
accounting data. Subsequently, variances are recorded to show the distinction among the
predicted and real costs.
A. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Average Costing/Weighted Average
d. Standard Cost - ANS-d. Standard Costing
, ________________ are written data that carry the business sports and the financial overall
performance of a business enterprise. ________________ are often audited by way of
government corporations, accountants, corporations, and so forth. To make certain accuracy
and for tax, financing, or investing purposes.
A. Economic statements
b. Cash drift statement (CFS)
c. Earnings statements
d. Stability sheet - ANS-a. Financial statements
________________ assigns a price to stock gadgets based totally on the overall price of goods
bought or produced in a period divided via the entire range of objects bought or produced.
A. FIFO (First In, First Out)
b. LIFO (Last In, First Out)
c. Average Costing/Weighted Average
d. Standard Cost - ANS-C. Average Costing/Weighted Average
________________ measures how nicely a organization generates coins to pay its debt
responsibilities, fund its operating costs, and fund investments.
A. Monetary statements
b. Cash float declaration (CFS)
c. Income statements
d. Balance sheet - ANS-b. Coins waft statement (CFS)
_________________ is a felony entity this is separate and awesome from its proprietors.1 They
enjoy most of the rights and duties that individuals possess: they could enter contracts, loan and
borrow cash, sue and be sued, lease personnel, personal belongings, and pay taxes. Some talk
over with it as a "prison man or woman."
a. Organisation
b. Preferred partnership
c. Confined partnership
d. Member-controlled restrained-liability corporation - ANS-a. Corporation
________________is a business association via which two or extra people comply with
percentage in all belongings, income, and economic and felony liabilities of a mutually-owned
business. Partners comply with unlimited liability, which means liabilities are not capped and
may be paid through the seizure of an proprietor's assets and any accomplice can be sued for
the business's debts.
A. Company
b. Wellknown partnership
