WorksheetsChapter 14 & 15 Test
Total questions: 30
Worksheet time: 37mins
Which of the following is not one of the common activities for which managers need math skills?
delegate
compute
calculate
project
What do the terms probability and correlation mean to managers when they are making decisions?
To be understandable and useful for decision makers, raw data must be
summarized
simplified
processed and organized
presented in tables, charts, or graphs
The activity managers perform when they review data to identify relationships, patterns, and explanations is
calculate
compare
project
analyze
The correct structure and terminology for a division equation is
dividend ÷ product = quotient
divisor ÷ dividend = product
dividend ÷ divisor = quotient
multiplicand ÷ subtrahend = product
The metric system
is used only in the United States and a few other countries
was developed to be understandable and easy to use by both
scientists and average citizens
is based on feet, pounds, and gallons
was first proposed in the mid-1900s
Why is it important to double check the answers to simple math calculations?
The sum of all values in a data set divided by the number of values is the
sample
mean
median
probability
A sample is a small representative part of a
census
frequency distribution
population
probability
An excellent visual way to study trends is with a(n)
chart
graph
executive summary
table
The human resource manager for the Octold Co. is reviewing employee data in preparation for requesting bids on the company’s health insurance plan. The company has 30 employees with the ages shown below. Prepare a frequency distribution of the ages of all employees and determine the range, mean, median, and mode of the employee data.
38, 59, 59, 36, 37, 30, 44, 42, 37, 46, 47, 46, 28, 42, 27
59, 59, 25, 43, 30, 59, 32, 30, 48, 39, 28, 27, 30, 52, 63
Show your work below
List and describe five types of records a business should maintain.
Which of the following is not a reason businesses need to maintain financial records?
to provide financial information to competitors
to prepare financial forms and reports required by the government
to track the financial progress of the business
to determine the kinds and values of assets
Expensive assets of a business that are expected to last and be used for a long time are known as
depreciated assets
fixed assets
obsolete assets
stable assets
Describe several examples of ways that the financial records of a company can be harmed or damaged. For each example, how is the business harmed? How are others harmed? How can the company prevent the harm or damage?
a financial plan for replacing fixed assets or acquiring new ones is known as a(n)
start-up budget
operating budget
cash budget
capital budget
The basic accounting equation is
income - expenses = profit or loss
liabilities = assets + capital
assets = liabilities + capital
income = profit or loss − expenses
The information from the income statement needed to calculate gross profit does not include
operating expenses
revenue
cost of goods sold
assets
The two financial statements most used by businesses are
cash flow and capital assets record
income statement and balance sheet
tax and personnel records
accounts receivable and accounts payable records
Because of depreciation, the company('s)
equipment will be worth more next year than it is today
equipment will be worth less next year than it is today
must buy more equipment than it needs
cannot determine the current value of older equipment
A federal government agency that provides information, advice, and assistance in obtaining credit and other financial support for small businesses is the
FDA
FCC
EEOC
SBA
The difference between current assets and current liabilities is
the accounting equation
working capital
financial statements
income statement
Manual record-keeping systems have been replaced in most busi-
nesses by
computers running accounting software programs
simple checkbook systems
cash register tapes
accountants
Why is a budget an important tool for managers to use when eval- uating current performance?
Why is it important to study a company’s financial performance over a period of time and its financial condition on a specific date?
Gradual loss of an asset’s value due to age and wear is
(a)
The amount the company owes for purchases it made on credit
(a)
Someone who gives professional advice or offers professional
services is
(a)
A manager carefully examines the budget figures from the past
three years in preparation for developing next year’s budget. Is the
manager using inductive or deductive reasoning? Why?
Which of the following is a basic arithmetic operation?
division
algebra
inductive
reasoning statistics
