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EOPA REVIEW Questions

Total questions: 69

Worksheet time: 49mins

Name
Class
Date
1.
Depreciation refers to
a)
a charge made by a lender for the use of money
b)
the decrease in value over time for a fixed asset
c)
costs that change directly with the level of production
d)
costs that do not change with different volumes of business
2.
The term for research to determine factors, conditions, and characteristics of a market is
a)
brainstorming
b)
goal setting
c)
prototyping
d)
market analysis
3.
To be a good team leader, it is important to
a)
be a technical expert in the field
b)
recognize the strengths of others
c)
be autocratic and make all decisions alone
d)
socialize with team members and be well liked
4.
The government organization whose purpose is to set and enforce worksite safety and health standards is
a)
OPM
b)
EEOC
c)
NLRB
d)
OSHA
5.

A good way to develop additional business-related career skills is to

a)

work extra hard at current job

b)

develop a close relationship with the supervisors

c)

network to create contacts

d)

participate in available education classes

6.
Motivational praise should be
a)
general and work related
b)
general and personal
c)
specific and personal
d)
specific and work related
7.
Which function of business expresses in money terms the resources under the control of management?
a)
Finance
b)
Management
c)
Accounting
d)
Marketing
8.
John is managing a team. He should tell the team members that
a)
a team's success depends on each person doing his or her part
b)
it is acceptable for some team members to work on other things most of the time 
c)
team members should give their attention to the most opinionated team member
d)
attendance at team meetings is not required
9.
Robert is a new employee and has joined a work team for the company. What is the best way the other team members can help Robert to participate meaningfully in the team discussions?
a)
Instruct Robert not to talk very much during the first meeting he attends, so he can learn as much as possible.
b)
Assign Robert to watch the group during the first few meetings. 
c)
Let Robert fend for himself.
d)
Tell Robert about the "ground rules" the team has created to guide the meetings and explain what the group has done in recent meetings. 
10.
A country exported $689, 269 worth of goods and imported $3,465,029 worth of goods. what is the trade surplus or deficit?
a)
-$2,775,760
b)
-$986,637
c)
$2,775,760
d)
$4,154,298
11.
In order to increase sales, a company hire a telemarketing firm. Telemarketers logged 3,496 hours, making 46,397 presentations and 6,350 sales, and increasing the company's revenues by $295,300. The telemarketing firm charged $45 per hour for  their services. how successful was the business venture?
a)
wildly successful, netting over $200,000
b)
a good investment with a profit of over $137,000
c)
a good start, doing slightly better than $6,000
d)
a bad venture with a negative return of -$245,000
12.

What function command would calculate the annual average for the set of data shown on the spreadsheet below?

a)

=AVERAGE(B3:B6)

b)

=AVERAGE(B8)

c)

=AVERAGE(A3:A6)

d)

=AVERAGE(A3:B6)

13.

A company follows the procedures in the following chart when determining how to handle delinquent accounts. If today's date is October 15th and the customer's bill was due August 1st, the billing department will handle this lack of payment by

a)

Sending a reminder in the next bill

b)

Telephoning the customer

c)

Sending a letter form the billing manager

d)

Turning the customer's account over to the collection agency

14.

A resource owned and used by the business for more than a year is called a

a)

Asset

b)

Non Current Asset

c)

Current Asset

d)

Revenue

15.

An example of a Current Asset is

a)

Car

b)

Inventory

c)

Land

d)

Creditor

16.

An obligation to pay for something in a short term is called

a)

Current Liability

b)

Expense

c)

Asset

d)

Capital

17.

A resource owned and used by the business for more than a year is called a

a)

Asset

b)

Non Current Asset

c)

Current Asset

d)

Revenue

18.

An example of a Current Asset is

a)

Car

b)

Inventory

c)

Land

d)

Creditor

19.

An obligation to pay for something in a short term is called

a)

Current Liability

b)

Expense

c)

Asset

d)

Capital

20.

Assets = $25,000 and Liabilities= $15,000 what is the value of capital?

a)

5000

b)

10000

c)

40000

d)

25000

21.

The trading and profit and loss account is also called the

(a)  

22.

The balance sheet is also known as

(a)  

23.

Cash= 1000, Bank = 2000, Accounts payable = 1500 and loans = 1000. What is the value of assets?

a)

3000

b)

2500

c)

1550

d)

4500

24.

Which of the following are examples of non-current assets

a)

cash

b)

bank

c)

land

d)

machinery

25.

Bank =1000, Cash =1000 and Inventory = 2000, accounts payable = 1500 what is the value of working capital?

a)

2500

b)

4000

c)

1500

d)

4500

26.

Opening inventory = 2000, purchases = 1000, return outwards = 1000 and closing inventory = 500 what is cost of goods sold?

a)

1500

b)

2000

c)

2500

d)

1000

27.

Any money earned from activities other than buying and selling is called

(a)  

28.

Rent expense , wages, water bill and insurance expense are all classed as

a)

revenue

b)

expense

c)

liability

d)

asset

29.

Net Assets is calculated by total current assets - total liabilities True or False

a)

True

b)

False

30.

Which of the following calculates net sales?

a)

Sales-Purchases

b)

Sales-Return Outwards

c)

Sales - Return Inwards

d)

Sales-expenses

31.

The income statement gives an outlook of the value of the business

a)

True

b)

False

32.

The income statement contains expenses and revenues

a)

True

b)

False

33.

When the business spends money on operational costs it is called

(a)  

34.

Working capital is calculated by

a)

Total Current Assets - Total expenses

b)

Total liabilities + total assets

c)

Total current assets-total current liabilities

d)

Assets+capital

35.

Any resource owned by the business is called

(a)  

36.

Gross profit + revenues - expenses = net profit/loss

a)

True

b)

False

37.

What is balance sheet?

a)

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

b)

A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

38.

Which one is not belongs to liability?

a)

Mobile Phone Bill

b)

Bank Loan

c)

Bank Balance

d)

Owed To Friends

39.

Dose expense in the liability/Assets account?

a)

Assets

b)

Liability

40.

Property owned by an individual

a)

Liability

b)

Asset

c)

Property

d)

Net Worth

41.

The value of all assets minus the value of all liabilities.

a)

Financial obligations

b)

Assets

c)

Net Worth

d)

Property

42.

Debts and financial obligations (responsibilities).

a)

Liabilities

b)

Assets

c)

Negative Net Worth

d)

Property

43.

Examples of Liabilities include which of the following:

a)

Loans, credit cards, and real property

b)

Loans, mortgage, and credit cards

c)

Loans, Art collection, and savings account

d)

Mortgage, credit card, and real property

44.

Positive Net Worth is defined as:

a)

assets are less that liabilities

b)

liabilities are greater than assets

c)

assets are equal to liabilities

d)

assets are greater than liabilities

45.

Negative Net Worth is defined as:

a)

Assets and liabilities are the same amount

b)

Assets are less that liabilities

c)

Liabilities are less that assets

d)

Assets are greater than liabilities

46.

Examples of assets include:

a)

Real Property, Car, and credit cards

b)

Car, Jewelry, and Checking account

c)

Art collection, Jewelry, and unpaid taxes

d)

Real Property, Car loan, Jewelry

47.

Zero net worth is defined as:

a)

Assets are greater than liabilities

b)

Assets are less than liabilities

c)

Assets are equal to liabilities

d)

None of the above

48.

Zero net worth is defined as:

a)

Assets are greater than liabilities

b)

Assets are less than liabilities

c)

Assets are equal to liabilities

d)

None of the above

49.

Net Worth if equal to:

a)

Liabilities added to assets

b)

Assets minus liabilities

c)

Assets added to liabilities

50.
Which of the following is considered an asset?
a)
Bank Loan
b)
Mortgage
c)
Debit Card
d)
Savings account
51.
Which of the following is considered a liability?
a)
Savings Account
b)
Mortgage
c)
Savings bond
d)
Coin Collection
52.
The table below shows Claude's assets and liabilities.  What is the total value of his assets?
a)
$24,950
b)
$25,420
c)
-$24,950
d)
$50,370
53.
The table below shows Claude's assets and liabilities.  What is the total value of his liabilities?
a)
$24,950
b)
-$24,520
c)
$25,420
d)
$50,370
54.

Current Assets are cash or other assets that are expected to be converted to cash within a year

a)

True

b)

False

55.

Which of the following is a Non current asset?

a)

Furniture

b)

Other Receivables

c)

Trade payables

d)

All the above are or can be non-current assets

56.

Non current liability are financial obligations that are due for settlement within 1 year. True or False

a)

True

b)

False

57.

The Owner of Evan's Electrical withdraws $10,000 from the business account.

a)

OPERATIONAL

b)

INVETSMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

58.

The business ute (for Evan's Electrical) is depreciated by $2,000 for the year. This would appear on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

59.

The Accountant for Evan's Electrical pays the electrical bill for the office. This would appear on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

60.

The Accountant for Evan's Electrical pays the bill of $30,000 for the new vehicle. This appears on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

61.

Evan (from Evan's Electrical) receives cash for completing a job. This appears on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

62.

Evan's Electrical receives dividend payments. This appears on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

63.

Evan (from Evan's Electrical) pays for some fans for the business by credit card. This appears on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

64.

The business borrows $50,000 from the bank to purchase new equipment. This loan appears on the Cash Flow Statement under:

a)

OPERATIONAL

b)

INVESTMENT

c)

FINANCIAL

d)

DOES NOT APPEAR ON THE CASH FLOW STATEMENT

65.

What is missing from this Statement of Cash Flow?

a)

The total inflows, and the total outflows for Operating Activities

b)

Receipts from customers

c)

The correct heading

d)

The date of the Statement

66.

Based on this Cash Flow Statement, would you invest in this business?

4 lines
67.

What are the 3 accounting principles?

a)

Evaluate Performance

b)

Discharge Accountability

c)

Makeup information to provide to auditors

d)

Provide information for decision making

68.

Which description best describes what goes under Investments in a Cash Flow Statement?

a)

Activities that are completed for investment purposes

b)

Day to day activities

c)

Activities related to the ownership of the business

d)

Owner Contributions

69.

Which of the following goes under Financial in a Cash Flow Statement?

a)

Inventory

b)

Sales

c)

Long term loan payments

d)

Wages

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