
2024 MN State FBM Exam
Authored by JCC FFA
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12th Grade
Used 13+ times

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50 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is the correct formula for calculating Net Worth?
Assets – Liabilities = Net Worth
Liabilities – Assets = Net Worth
Revenue – Expenses = Net Worth
Expenses - Revenue = Net Worth
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is an example of an intermediate asset?
Dairy cow
Grain in the bin
Farmland
Operating loan
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is an example of a long term asset?
Dairy cow
Grain in the bin
Farmland
Operating loan
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is an example of an intermediate liability?
Dairy cow
Grain in the bin
Farmland
Operating loan
Tractor Loan
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is an example of a current liability?
Dairy cow
Grain in the bin
Farmland
Operating loan
Tractor Loan
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is an example of a current asset?
Dairy cow
Grain in the bin
Farmland
Operating loan
Tractor loan
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Which of the following is a category of financial ratios and metrics that can be calculated using the balance sheet?
Financial Efficiency Ratios
Profitability Ratios
Repayment Capacity Ratios
Solvency ratios
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