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2019 State FBM Exam

Authored by JCC FFA

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12th Grade

Used 13+ times

2019 State FBM Exam
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50 questions

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1.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which financial statement summarizes financial data for a specific date in time?

Income statement

Balance sheet

Statement of cash flows

Statement of owners equity

2.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The financial statement that shows the relationship between income and expenses is:

Income statement

Balance sheet

Statement of cash flows

Statement of owners equity

3.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

The net worth balance sheet reveals:

Owners equity by subtracting total liabilities from total assets

Net farm income by subtracting total expenses from total revenue

Cash income by subtracting total cash expenses from total cash receipts

The increase in retained earnings by subtracting total liabilities from total assets

4.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following is not one of the basic financial statements?

Monthly bank statement

Income statement

Statement of cash flow

Statement of owners equity

5.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Rate of return on assets is:

What you get from letting the farm use all your capital assists including equity

What you have left over once you have paid all debt

The total of all assets divided by total liabilities

The percent return on the total amount of money invested in total assets

6.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Which of the following is not included as gross income under the accrual system?

Value of crops produced

Increase in value of livestock purchased

Value of feed fed to livestock

Government payments and dividends

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

In preparing an accrual income statement which of the following formulas should be used:

Beginning inventory minus ending inventory

Ending inventory minus beginning inventory

Beginning inventory plus purchases minus ending inventory minus sales

Ending inventory plus sales minus beginning inventory minus purchases

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