Business Finance - California ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
Contractors (Law and Business) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
exam with correct answers ||\\||\\ ||\\||\\ ||\\||\\
D. Net profit for the year - correct answers ✔✔What is
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
another term for net income? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
||\\||\\ A. Cash flow ||\\||\\ ||\\||\\
||\\||\\ B. Debits ||\\||\\
||\\||\\ C. Pretax income
||\\||\\ ||\\||\\
||\\||\\ D. Net profit for the year
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. IRS - correct answers ✔✔Which agency can allow a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
company to switch their accounting method? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. IRS ||\\||\\
B. BOE ||\\||\\
C. FUTA ||\\||\\
,D. EDD
||\\||\\
C. Guaranteeing up to 90% of a bank loan - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔The SBA prefers to provide funds to a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
business by: ||\\||\\ ||\\||\\
A. Making direct loans
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. Making direct grants
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Guaranteeing up to 90% of a bank loan
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D. The SBA does not provide funds in any way
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. The Employment Development Department - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔With what agency is a DE34 form filed?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. The internal Revenue Service
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. The Employment Development Department
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Department of Industrial Relations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D. The Contractors State License Board
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
,C. Income statement - correct answers ✔✔Which of the
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
following should show a profit in order for a financial ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
institution to easily give the company a loan? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. Balance sheet
||\\||\\ ||\\||\\
B. Assets account
||\\||\\ ||\\||\\
C. Income statement
||\\||\\ ||\\||\\ ||\\||\\
D. Overhead account
||\\||\\ ||\\||\\
C. Intermediate term loan to be paid in 1-7 years - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔If John, a contractor, decides to take out a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
loan to pay for a truck, he should obtain a:
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. Short-term loan to be paid within one year
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. Long-term loan to be pain in more than 7 years
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Intermediate term loan to be paid in 1-7 years
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D. None of the above, he should pay cash
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, C. Income Statement - correct answers ✔✔Which
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
financial statement gives a picture of the business over a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
period of time?||\\||\\ ||\\||\\
A. Balance Sheet
||\\||\\ ||\\||\\
B. Statement of Cash Flow
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Income Statement
||\\||\\ ||\\||\\
D. Shareholder's Equity
||\\||\\ ||\\||\\
C. Internal Revenue Service - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔Employers must report and pay federal ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
unemployment (FUTA) tax to which agency? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. State Board of Equalization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. Contractors State License Board
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Internal Revenue Service
||\\||\\ ||\\||\\ ||\\||\\
D. Franchise Tax Board
||\\||\\ ||\\||\\ ||\\||\\
Contractors (Law and Business) ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
exam with correct answers ||\\||\\ ||\\||\\ ||\\||\\
D. Net profit for the year - correct answers ✔✔What is
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
another term for net income? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
||\\||\\ A. Cash flow ||\\||\\ ||\\||\\
||\\||\\ B. Debits ||\\||\\
||\\||\\ C. Pretax income
||\\||\\ ||\\||\\
||\\||\\ D. Net profit for the year
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. IRS - correct answers ✔✔Which agency can allow a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
company to switch their accounting method? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. IRS ||\\||\\
B. BOE ||\\||\\
C. FUTA ||\\||\\
,D. EDD
||\\||\\
C. Guaranteeing up to 90% of a bank loan - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔The SBA prefers to provide funds to a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
business by: ||\\||\\ ||\\||\\
A. Making direct loans
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. Making direct grants
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Guaranteeing up to 90% of a bank loan
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D. The SBA does not provide funds in any way
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. The Employment Development Department - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔With what agency is a DE34 form filed?
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. The internal Revenue Service
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. The Employment Development Department
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Department of Industrial Relations
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D. The Contractors State License Board
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
,C. Income statement - correct answers ✔✔Which of the
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
following should show a profit in order for a financial ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
institution to easily give the company a loan? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. Balance sheet
||\\||\\ ||\\||\\
B. Assets account
||\\||\\ ||\\||\\
C. Income statement
||\\||\\ ||\\||\\ ||\\||\\
D. Overhead account
||\\||\\ ||\\||\\
C. Intermediate term loan to be paid in 1-7 years - correct
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
answers ✔✔If John, a contractor, decides to take out a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
loan to pay for a truck, he should obtain a:
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. Short-term loan to be paid within one year
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. Long-term loan to be pain in more than 7 years
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Intermediate term loan to be paid in 1-7 years
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
D. None of the above, he should pay cash
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
, C. Income Statement - correct answers ✔✔Which
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
financial statement gives a picture of the business over a
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
period of time?||\\||\\ ||\\||\\
A. Balance Sheet
||\\||\\ ||\\||\\
B. Statement of Cash Flow
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Income Statement
||\\||\\ ||\\||\\
D. Shareholder's Equity
||\\||\\ ||\\||\\
C. Internal Revenue Service - correct answers
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
✔✔Employers must report and pay federal ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
unemployment (FUTA) tax to which agency? ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
A. State Board of Equalization
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
B. Contractors State License Board
||\\||\\ ||\\||\\ ||\\||\\ ||\\||\\
C. Internal Revenue Service
||\\||\\ ||\\||\\ ||\\||\\
D. Franchise Tax Board
||\\||\\ ||\\||\\ ||\\||\\
