ABYC MARINE ELECTRICAL CERTIFICATION
EXAM REVIEW 2026 – STUDY GUIDE,
PRACTICE QUESTIONS WITH CORRECT
ANSWERS GRADED A+ & WIRING
STANDARDS PREP
What percentage does Medicaid pay for? - answer-57%
What program allows for HCBS? - answer-Social security act- 1981
Assets - answer-money and other valuables belonging to an individual or business
current assets - answer-cash and other assets expected to be exchanged for cash or
consumed within a year
fixed assets / capital assets - answer-Long-term assets that are relatively permanent
such as land, buildings, or equipment.
tangible assets - answer-those assets that can be appraised by value or seen or
touched (buildings, equipment)
intangible assets - answer-assets that do not have physical substance
Book Value - answer-the difference between the cost of a depreciable asset and its
related accumulated depreciation
Working Capital - answer-current assets - current liabilities
capital expenditures - answer-expenditures that increase the company's investment in
facility assets
, Revenue expenditure - answer-A cost that keeps an asset in its normal operating
condition and is treated as an expense
gross earnings - answer-the total amount of money an employee earns in a pay period
net earnings - answer-The amount left after total deductions are subtracted from gross
earnings; take home pay.
operating profit - answer-Gross Profit - Expenses
retained earnings - answer-An amount earned by a corporation and not yet distributed
to stockholders.
Equities - answer-stocks that represent ownership shares in corporations
fixed expenses - answer-Costs that do not change from month to month
variable expenses - answer-Costs that vary in amount and type, depending on the
choices you make. Ex). Supplies, materials, labor
Semi-variable costs - answer-Costs that vary somewhat based on the number of units
you sell.
Internal controls - answer-A company's plans to (1) safeguard the company's assets and
(2) ensure compliance, (3) evaluate performance and efficiency, (4) ensure accurate
and reliable data for accounting
What is a PO an example of? - answer-An internal control
EXAM REVIEW 2026 – STUDY GUIDE,
PRACTICE QUESTIONS WITH CORRECT
ANSWERS GRADED A+ & WIRING
STANDARDS PREP
What percentage does Medicaid pay for? - answer-57%
What program allows for HCBS? - answer-Social security act- 1981
Assets - answer-money and other valuables belonging to an individual or business
current assets - answer-cash and other assets expected to be exchanged for cash or
consumed within a year
fixed assets / capital assets - answer-Long-term assets that are relatively permanent
such as land, buildings, or equipment.
tangible assets - answer-those assets that can be appraised by value or seen or
touched (buildings, equipment)
intangible assets - answer-assets that do not have physical substance
Book Value - answer-the difference between the cost of a depreciable asset and its
related accumulated depreciation
Working Capital - answer-current assets - current liabilities
capital expenditures - answer-expenditures that increase the company's investment in
facility assets
, Revenue expenditure - answer-A cost that keeps an asset in its normal operating
condition and is treated as an expense
gross earnings - answer-the total amount of money an employee earns in a pay period
net earnings - answer-The amount left after total deductions are subtracted from gross
earnings; take home pay.
operating profit - answer-Gross Profit - Expenses
retained earnings - answer-An amount earned by a corporation and not yet distributed
to stockholders.
Equities - answer-stocks that represent ownership shares in corporations
fixed expenses - answer-Costs that do not change from month to month
variable expenses - answer-Costs that vary in amount and type, depending on the
choices you make. Ex). Supplies, materials, labor
Semi-variable costs - answer-Costs that vary somewhat based on the number of units
you sell.
Internal controls - answer-A company's plans to (1) safeguard the company's assets and
(2) ensure compliance, (3) evaluate performance and efficiency, (4) ensure accurate
and reliable data for accounting
What is a PO an example of? - answer-An internal control
