ABT 49 Midterm #2

ABT 49 Midterm #2

KG

29 Qs

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ABT 49 Midterm #2

ABT 49 Midterm #2

Assessment

Quiz

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KG

Practice Problem

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Created by

Lindsay Devaurs

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29 questions

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1.

OPEN ENDED QUESTION

45 sec • 2 pts

First and last name

Evaluate responses using AI:

OFF

2.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

A business plan is ___________________________.

a “living document” that should be updated regularly—at least annually.
a collection of several documents that answer the “who, what when, where, why and how” of your business.
supported or justified by the financial documents of the business
should include market data for the product(s) or service(s) that your business offers
All of the above

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

A _______ is a legal structure with the greatest continuity during changes in ownership?

Sole proprietorship
Partnership
Corporation
Limited Liability Company

4.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which company legal structure is the hardest to establish and most regulated?

Sole proprietorship
Partnership
Corporation
Limited Liability Company

5.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Owner’s Equity is part of the _____________________.

Personal Financial Statement
Balance Sheet
Income Statement
Cashflow Statement

6.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

A _______ compares assets and liabilities—which are always equal

Personal Financial Statement
Balance Sheet
Income Statement
Cashflow Statement

7.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Which document includes the net sales for a company or product line?

Personal Financial Statement
Balance Sheet
Income Statement
Cashflow Statement

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