Financial Statements Quiz

The ____________________ shows the earnings and expenses for a company over a specific period of time.

• Assets

• Liabilities

• Annual Report

• Income Statement

• Balance Sheet

The ____________________ shows what the company owns and what it owes plus the shareholders’ equity at a particular time.

• Assets

• Liabilities

• Annual Report

• Income Statement

• Balance Sheet

The ____________________ is a yearly record that summarizes the financial condition of a corporation that must be distributed to shareholders.

• Assets

• Liabilities

• Annual Report

• Income Statement

• Balance Sheet

____________________ are debts that a business owes to others.

• Assets

• Liabilities

• Annual Report

• Income Statement

• Balance Sheet

____________________ are items of value the company owns.

• Assets

• Liabilities

• Annual Report

• Income Statement

• Balance Sheet

The “heart” of an annual report is the Operational Overview section.

• True
• False

Net income is often called the top line of the income statement.

• True
• False

Total assets are the sum of a company’s current assets, fixed assets, and other assets.

• True
• False

Current liabilities include debts or claims due within one year.

• True
• False

Dollar cost averaging will result in a higher than average purchase price per share.

• True
• False