On a financial statement, net worth is:

Hort 2: 2.02

Quiz
•
Other
•
9th - 12th Grade
•
Medium
Alexandra Holton
Used 127+ times
FREE Resource
9 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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.
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mortgages that are not due this year are entered on a financial statement as:
current assets.
current liabilities.
noncurrent assets.
noncurrent liabilities.
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a bedding plant grower’s inventory shows plants worth $40,000, supplies worth $1,000, and land valued at $200,000, what amount should be entered on the nondepreciable inventory line of the financial statement?
$400
$41,000
$200,000
$241,000
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