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Worksheets

Review 4

Total questions: 52

Worksheet time: 4hrs 20mins

Name
Class
Date
1.

Define Information Technology

(a)  

2.

Define Application Service Providers (ASP)

(a)  

3.

What are the two basic kinds of networks

(a)  

4.

Describe the difference between managerial accounting and financial accounting

(a)  

5.

Describe the difference between managerial accounting and financial accounting

(a)  

6.

What are the three primary financial statements included in the annual report

(a)  

7.

List the four key characteristics of money if it is to be a suitable means of exchange

(a)  

8.

What is the most important function of the Federal Reserve

(a)  

9.

What are the financial manager’s three main responsibilities

(a)  

10.

What is the basic accounting equation

(a)  

11.

What are the three major types of federal debt securities sold by the U.S. Treasury

(a)  

12.

Intranets, VPNS, and extranets are forms of what

a)

Accounting

b)

Wide Area Network

c)

Expert Systems

d)

Data Mining

13.

What is the term used to describe an internal web site that provides proprietary corporate
information to a defined user group

a)

Balance Sheet

b)

The Discount Rate

c)

Enterprise Portals

d)

Application Service Providers

14.

What system gives managers advice similar to what they would get from a human consultant

a)

Owners Equity

b)

Line of Credit

c)

Public Accountants

d)

Expert Systems

15.

What is the term used to describe a computer program that copies itself into other software and
can spread to other computer systems

a)

Computer Virus

b)

Computer Network

c)

Securites

d)

Grid Computing

16.

What is a sophisticated data application called that looks for hidden patterns in a group of data
to help predict future behavior

a)

Virtual Private Network

b)

Data Mining

c)

Enterprise Portals

d)

Collateral

17.

What is the term used to describe the process of collecting, recording, classifying, summarizing,
reporting, and analyzing the financial condition of an organization

a)

Private Accountant

b)

Accounting

c)

Financial Manager

d)

Public Accountant

18.

What do you call independent accountants who serve organizations and individuals on a fee
basis

a)

Consumer Finance Companies

b)

Public Accountants

c)

Insurance Companies

d)

Financial Management

19.

What is the name of the Act that redefines the public corporation-auditor relationship and
restricts the types of services auditors can provide to clients

a)

The Sarbanes- Oxley Act of 2022

b)

Banking Act of 1933

20.

What is the snapshot of the firm's financial position at a certain point in time called

a)

Depreciation

b)

Balance Sheet

c)

Owners Equity

d)

Double Entry Bookkeeping

21.

What is the owners’ investment in the business called

a)

Accounting

b)

Liabilities

c)

Owners Equity

d)

The Discount Rate

22.

Savings accounts, money market deposit accounts, and certificates of deposit are examples of
what

a)

Credit Union

b)

Bonds

c)

Time Deposits

d)

Line of Credit

23.

What is the term used to describe the interest rate that the Federal Reserve charges member
banks for loans

a)

Reserve Requirements

b)

Prime Rate

c)

Depository Financial Institution

d)

Knowledge Management

24.

Commercial banks, thrift institutions, and credit unions are examples of what type of financial
institutions

a)

Depository Financial Institution

b)

Financial Accounting Standards Board

c)

Monetary Policy

d)

Consumer Finance Companies

25.

What type of finance companies make loans to individuals

a)

Consumer Finance Companies

b)

Commercial Companies

26.

What type of finance companies make loans to businesses

a)

Consumer Finance Companies

b)

Commerical Companies

27.

What is the name of the independent agency that is a quasi-public corporation backed by the
full faith and credit of the United States government? (It guarantees consumer deposits up to
$250K.)

a)

Federal Deposit Insurance Corporation (FDIC)

b)

Generally Accepted Accounting Principals (GAAP)

c)

Financial Accounting Standards Board (FASB)

28.

What is the term used to describe the art and science of managing a firms money so the firm can
meet its goals

a)

Monetary Policy

b)

Financial Management

c)

Accounting

d)

Expert Systems

29.

What is an agreement between a bank and a business called that specifies the maximum
amount of unsecured short-term borrowing the bank will make available

a)

Line of Credit

b)

Balance Sheet

c)

Deductibility

d)

Demand Deposits

30.

What is the major advantage of debt financing

a)

Deductibility

b)

Computer Network

c)

Securities

d)

Owners Equity

31.

Assets – Liabilities equals what

a)

Ratio

b)

Owners Equity

c)

Deductibility

d)

Depreciation

32.

What are investment certificates issued by corporations or governments called

a)

Liquidity

b)

Securities

c)

Bonds

d)

Open Market Operations

33.

What type of workers contribute to and benefit from information that used in performing,
acquiring, searching, analyzing, organizing, storing, programming, producing, distributing,
marketing, or selling functions

a)

Data Mining

b)

Knowledge Management

c)

Computer Network

d)

Grid Computing

34.

What is a group of two or more computers linked together by communications channels to
share data and information called

a)

GAAP

b)

Computer Network

c)

VPN

d)

Grid Computing

35.

What do many companies use to connect two or more private networks over a public network,
such as the Internet

a)

Bonds

b)

Virtual Private Network

c)

Business to Employee

d)

Securities

36.

What are the three forms of enterprise portals

a)

Collateral

b)

Business to Employee

Business to Business

Business to Consumer

c)

Open Market

d)

Credit Union

37.

What is the practice called of leveraging multiple computers, often geographically distributed
but connected by networks, to work together to accomplish joint tasks

a)

VPN

b)

Grid Computing

c)

Data Mining

d)

Expert Systems

38.

To ensure accuracy and consistency in the way financial information is reported, accountants
follow rules known as what

a)

Generally Accepted Accounting Principals

b)

FASB

c)

FDIC

39.

What is the name of the private organization that is responsible for establishing financial
accounting standards in the United States

a)

Financial Accounting Standards Board

b)

GAAP

c)

FDIC

40.

What is the term used in accounting used to describe the process where every transaction
must be recorded as two different entries

a)

Discount Rate

b)

Cost of Goods

c)

Double-Entry Bookkeeping

d)

Accounting

41.

What is the process called that allocates the original cost of a long-term asset over the years of
its useful life

a)

Expert Systems

b)

Depreciation

c)

Demand Deposits

d)

Reserve Requirements

42.

What are the two types of expenses recorded on the income statement

a)

Financial Manager

b)

Cost of Goods Sold

Operating Expenses

c)

Bonds

d)

GAAP

43.

What are the four main types of financial ratios used in accounting and finance

a)

Credit Union

b)

Reserve Requirements

c)

Liquidity, Profitability, Activity, Debt Ratios

d)

Open Market Operations

44.

A checking account is also commonly referred to as what type of deposit

a)

Credit Union

b)

Demand Deposits

c)

Bond

d)

Specialty

45.

What are the three principal tools of the Federal Reserve System

a)

Computer Network

b)

Open Market Operation, Reserve Requirements, Discount Rate

c)

Credit Union

d)

Double-Entry Bookkeeping

46.

What is the term used to describe the percentage amount that the Federal Reserve banks must
hold a certain portion of their deposits in reserve

a)

Depreciation

b)

Reserve Requirements

c)

Speciality

d)

Bonds

47.

What is one type of financial institution that is a not-for-profit institution

a)

Debt Ratios

b)

Credit Union

c)

Banking Act of 1933

d)

GAAP

48.

What Banking Act created the FDIC

a)

Banking Act of 1933

b)

The Sarbanes- Oxley Act of 2002

49.

What is the primary goal of the financial manager

a)

Maximize the value of the firm

b)

Accounting

c)

Computer Systems

50.

What is the term used to describe the specific assets that a borrower pledges to secure a loan

a)

Debt Ratio

b)

Collateral

c)

Bond

d)

Specialty

51.

What are long-term debts (liabilities) for corporations and governments called

a)

Knowlege Management

b)

Bonds

c)

Owners Equity

d)

Deductibility

52.

What are investment certificates called that represent either ownership of a corporation or a
loan to the corporation

a)

Balance Sheet

b)

Securities

c)

Line of Credit

d)

Discount Rate