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WorksheetsReview 4
Total questions: 52
Worksheet time: 4hrs 20mins
Define Information Technology
(a)
Define Application Service Providers (ASP)
(a)
What are the two basic kinds of networks
(a)
Describe the difference between managerial accounting and financial accounting
(a)
Describe the difference between managerial accounting and financial accounting
(a)
What are the three primary financial statements included in the annual report
(a)
List the four key characteristics of money if it is to be a suitable means of exchange
(a)
What is the most important function of the Federal Reserve
(a)
What are the financial manager’s three main responsibilities
(a)
What is the basic accounting equation
(a)
What are the three major types of federal debt securities sold by the U.S. Treasury
(a)
Intranets, VPNS, and extranets are forms of what
Accounting
Wide Area Network
Expert Systems
Data Mining
What is the term used to describe an internal web site that provides proprietary corporate
information to a defined user group
Balance Sheet
The Discount Rate
Enterprise Portals
Application Service Providers
What system gives managers advice similar to what they would get from a human consultant
Owners Equity
Line of Credit
Public Accountants
Expert Systems
What is the term used to describe a computer program that copies itself into other software and
can spread to other computer systems
Computer Virus
Computer Network
Securites
Grid Computing
What is a sophisticated data application called that looks for hidden patterns in a group of data
to help predict future behavior
Virtual Private Network
Data Mining
Enterprise Portals
Collateral
What is the term used to describe the process of collecting, recording, classifying, summarizing,
reporting, and analyzing the financial condition of an organization
Private Accountant
Accounting
Financial Manager
Public Accountant
What do you call independent accountants who serve organizations and individuals on a fee
basis
Consumer Finance Companies
Public Accountants
Insurance Companies
Financial Management
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
The Sarbanes- Oxley Act of 2022
Banking Act of 1933
What is the snapshot of the firm's financial position at a certain point in time called
Depreciation
Balance Sheet
Owners Equity
Double Entry Bookkeeping
What is the owners’ investment in the business called
Accounting
Liabilities
Owners Equity
The Discount Rate
Savings accounts, money market deposit accounts, and certificates of deposit are examples of
what
Credit Union
Bonds
Time Deposits
Line of Credit
What is the term used to describe the interest rate that the Federal Reserve charges member
banks for loans
Reserve Requirements
Prime Rate
Depository Financial Institution
Knowledge Management
Commercial banks, thrift institutions, and credit unions are examples of what type of financial
institutions
Depository Financial Institution
Financial Accounting Standards Board
Monetary Policy
Consumer Finance Companies
What type of finance companies make loans to individuals
Consumer Finance Companies
Commercial Companies
What type of finance companies make loans to businesses
Consumer Finance Companies
Commerical Companies
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.)
Federal Deposit Insurance Corporation (FDIC)
Generally Accepted Accounting Principals (GAAP)
Financial Accounting Standards Board (FASB)
What is the term used to describe the art and science of managing a firms money so the firm can
meet its goals
Monetary Policy
Financial Management
Accounting
Expert Systems
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
Line of Credit
Balance Sheet
Deductibility
Demand Deposits
What is the major advantage of debt financing
Deductibility
Computer Network
Securities
Owners Equity
Assets – Liabilities equals what
Ratio
Owners Equity
Deductibility
Depreciation
What are investment certificates issued by corporations or governments called
Liquidity
Securities
Bonds
Open Market Operations
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
Data Mining
Knowledge Management
Computer Network
Grid Computing
What is a group of two or more computers linked together by communications channels to
share data and information called
GAAP
Computer Network
VPN
Grid Computing
What do many companies use to connect two or more private networks over a public network,
such as the Internet
Bonds
Virtual Private Network
Business to Employee
Securities
What are the three forms of enterprise portals
Collateral
Business to Employee
Business to Business
Business to Consumer
Open Market
Credit Union
What is the practice called of leveraging multiple computers, often geographically distributed
but connected by networks, to work together to accomplish joint tasks
VPN
Grid Computing
Data Mining
Expert Systems
To ensure accuracy and consistency in the way financial information is reported, accountants
follow rules known as what
Generally Accepted Accounting Principals
FASB
FDIC
What is the name of the private organization that is responsible for establishing financial
accounting standards in the United States
Financial Accounting Standards Board
GAAP
FDIC
What is the term used in accounting used to describe the process where every transaction
must be recorded as two different entries
Discount Rate
Cost of Goods
Double-Entry Bookkeeping
Accounting
What is the process called that allocates the original cost of a long-term asset over the years of
its useful life
Expert Systems
Depreciation
Demand Deposits
Reserve Requirements
What are the two types of expenses recorded on the income statement
Financial Manager
Cost of Goods Sold
Operating Expenses
Bonds
GAAP
What are the four main types of financial ratios used in accounting and finance
Credit Union
Reserve Requirements
Liquidity, Profitability, Activity, Debt Ratios
Open Market Operations
A checking account is also commonly referred to as what type of deposit
Credit Union
Demand Deposits
Bond
Specialty
What are the three principal tools of the Federal Reserve System
Computer Network
Open Market Operation, Reserve Requirements, Discount Rate
Credit Union
Double-Entry Bookkeeping
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
Depreciation
Reserve Requirements
Speciality
Bonds
What is one type of financial institution that is a not-for-profit institution
Debt Ratios
Credit Union
Banking Act of 1933
GAAP
What Banking Act created the FDIC
Banking Act of 1933
The Sarbanes- Oxley Act of 2002
What is the primary goal of the financial manager
Maximize the value of the firm
Accounting
Computer Systems
What is the term used to describe the specific assets that a borrower pledges to secure a loan
Debt Ratio
Collateral
Bond
Specialty
What are long-term debts (liabilities) for corporations and governments called
Knowlege Management
Bonds
Owners Equity
Deductibility
What are investment certificates called that represent either ownership of a corporation or a
loan to the corporation
Balance Sheet
Securities
Line of Credit
Discount Rate
