Hort 2: 2.02

Hort 2: 2.02

9th - 12th Grade

9 Qs

quiz-placeholder

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Hort 2: 2.02

Hort 2: 2.02

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

Medium

Created by

Alexandra Holton

Used 127+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a financial statement, net worth is:

current assets minus current liabilities.

current liabilities plus current assets.

total assets minus total liabilities.

total assets plus total liabilities.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a cut flower grower has a $500,000.00 mortgage on her land and buildings, and she owes Farm Credit Service $60,000.00 for this year’s mortgage payment, what amount should be entered on the current liability line of the financial statement?

$60,000.00

$440,000.00

$500,000.00

$560,000.00

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a net worth statement, net worth is the same as:

current assets.

equity

inventory

total liabilities.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a nursery owner has a $250,000.00 mortgage on his land and he owes Farm Credit Service $30,000.00 for this year’s payment, what amount should be entered on the noncurrent liability line of the financial statement?

$30,000.00

$220,000.00

$250,000.00

$280,000.00

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The part of a net worth statement that shows all debts is:

current liabilities.

the debt-to-equity ratio.

the inventory.

total liabilities.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a plant farm has total assets of $500,000 and total liabilities of $300,000, what number is the correct entry on the net worth line of a financial statement?

$200,000

$300,000

$500,000

$800,000

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On a financial statement, items that can be quickly converted to cash or that will be sold within 12 months are:

current assets.

current liabilities.

equity.

net worth.

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