
Chapter 12 Exam
Authored by Paul Arrington
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29 questions
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1.
OPEN ENDED QUESTION
30 sec • Ungraded
Name
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2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All income that a business receives over a period of time is called profit.
3.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Sales and profits for a specific period are reported in a company's income statement.
4.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Assets - Liabilities = Owner's Equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
Payroll taxes consist of income taxes, social security, Medicare, and unemployment taxes.
6.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
The company's liabilities divided by the owner's equity is the current ratio.
7.
MULTIPLE CHOICE QUESTION
30 sec • 2 pts
At the end of the period covered by a budget, the business will prepare new financial statements
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