UPDATED 2024/2025 MBA ETS
MAJOR FIELD TEST QUESTIONS
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,Terms in this set (103)
a financial statement that reports a
company's assets, liabilities, and
Balance Sheet shareholder equity at a specific
point in time; Assets = Liabilities +
Shareholder's Equity
AKA profit and loss statement;
primarily focuses on the company's
Income revenues and expenses during a
Statement particular period;
Net Income = (Total Revenue +
Gains) - (Total Expenses + Losses)
AKA Statement of Equity; outlines
Statement of
the changes in retained earnings
Retained
for a company over a specified
Earnings
period;
profits held by a company in
Retained reserve in order to invest in future
Earnings projects rather than distribute as
dividends to shareholders
, summarizes the amount of cash
and cash equivalents entering and
Statement of
leaving a company; includes
Cash Flows
operating, investing, and financing
activities
cash flow $$$ that goes in/out of a business
$$$ leftover after Revenues -
profit
Expenses
receipts from sales of
goods/services, interest payments,
cash from
income tax payments,
operating
salaries/wages, rent
activities
ALSO depreciation, inventory,
accts receivable, payable
cash from changes in equipment, assets, or
investing investments
activities
cash from cash from investors/banks,
financing dividends, repayment of debt,
activities
MAJOR FIELD TEST QUESTIONS
WITH CORRECT ANSWERS
ALREADY PASSED AND VERIFIED
Save
Practice questions for this set
Learn
Studied 7 terms
Nice work, you're crushing it
Continue studying in Learn
,Terms in this set (103)
a financial statement that reports a
company's assets, liabilities, and
Balance Sheet shareholder equity at a specific
point in time; Assets = Liabilities +
Shareholder's Equity
AKA profit and loss statement;
primarily focuses on the company's
Income revenues and expenses during a
Statement particular period;
Net Income = (Total Revenue +
Gains) - (Total Expenses + Losses)
AKA Statement of Equity; outlines
Statement of
the changes in retained earnings
Retained
for a company over a specified
Earnings
period;
profits held by a company in
Retained reserve in order to invest in future
Earnings projects rather than distribute as
dividends to shareholders
, summarizes the amount of cash
and cash equivalents entering and
Statement of
leaving a company; includes
Cash Flows
operating, investing, and financing
activities
cash flow $$$ that goes in/out of a business
$$$ leftover after Revenues -
profit
Expenses
receipts from sales of
goods/services, interest payments,
cash from
income tax payments,
operating
salaries/wages, rent
activities
ALSO depreciation, inventory,
accts receivable, payable
cash from changes in equipment, assets, or
investing investments
activities
cash from cash from investors/banks,
financing dividends, repayment of debt,
activities
