Question 1

A(n) _____ is an additional tax on certain items imposed by the federal government.

Accepted Answer

A)  excise tax 
B)  income tax 
C)  incorporation tax 
D)  value added tax 
A)  excise tax 
B)  income tax 
C)  incorporation tax 
D)  value added tax

Question 2

Which of the following is true of taxes on amounts withdrawn from a business?

Accepted Answer

A)  Salaries and bonuses received from the business corporation are not considered as expenses to the business. 
B)  When one withdraws cash from a proprietorship or partnership, these sums are also taxable to that person as an individual. 
C)  When owners receive a dividend from a corporation, it is taxed only once. 
D)  The payment of pension plans is not deductible by the business. 
A)  Salaries and bonuses received from the business corporation are not considered as expenses to the business. 
B)  When one withdraws cash from a proprietorship or partnership, these sums are also taxable to that person as an individual. 
C)  When owners receive a dividend from a corporation, it is taxed only once. 
D)  The payment of pension plans is not deductible by the business.

Question 3

Which of the following is true of S corporation shareholders?

Accepted Answer

A)  They are taxed at individual rates. 
B)  They are taxed at corporate rates. 
C)  They do not enjoy legal protection that comes with corporate status. 
D)  They have no restrictions on benefit plans. 
A)  They are taxed at individual rates. 
B)  They are taxed at corporate rates. 
C)  They do not enjoy legal protection that comes with corporate status. 
D)  They have no restrictions on benefit plans.

Question 4

Which of the following is a characteristic of a financial audit?

Accepted Answer

A)  It is conducted by an outside certified public accountant. 
B)  It is usually performed every month. 
C)  It is done for evaluating the effectiveness of controls. 
D)  It is used to study the basic operations of a company. 
A)  It is conducted by an outside certified public accountant. 
B)  It is usually performed every month. 
C)  It is done for evaluating the effectiveness of controls. 
D)  It is used to study the basic operations of a company.

Question 5

What are the characteristics of effective control systems?

Accepted Answer

Effective control systems should be (1)

Question 6

Which of the following is a characteristic of cash flow budget?

Accepted Answer

A)  It allocates expenses for achieving the sales target. 
B)  It tells whether arrangements need to be made for borrowing or owner investments. 
C)  It contains a forecast of the amounts and sources of sales income and the materials that will be needed to achieve the sales forecast. 
D)  It plans and controls revenue in order to obtain desired profits. 
A)  It allocates expenses for achieving the sales target. 
B)  It tells whether arrangements need to be made for borrowing or owner investments. 
C)  It contains a forecast of the amounts and sources of sales income and the materials that will be needed to achieve the sales forecast. 
D)  It plans and controls revenue in order to obtain desired profits.

Question 7

_____ is the amount of current assets less current liabilities.

Accepted Answer

A)  Return on investment 
B)  Working capital 
C)  Quick ratio 
D)  Return on net assets 
A)  Return on investment 
B)  Working capital 
C)  Quick ratio 
D)  Return on net assets

Question 8

A(n) _____ is a formalized examination and/or review of a company's financial records.

Accepted Answer

A)  budget 
B)  audit 
C)  forecast 
D)  deed 
A)  budget 
B)  audit 
C)  forecast 
D)  deed

Question 9

_____ is the process of ensuring that organizational goals are achieved.

Accepted Answer

A)  Audit 
B)  Acid test 
C)  Control 
D)  Credit management 
A)  Audit 
B)  Acid test 
C)  Control 
D)  Credit management

Question 10

_____ control is the careful planning and control of all financial activities of a firm.

Accepted Answer

A)  Budgetary 
B)  Auditing 
C)  Production 
D)  Operating 
A)  Budgetary 
B)  Auditing 
C)  Production 
D)  Operating

A(n) _____ is an additional tax on certain items imposed by the federal government.

Which of the following is true of taxes on amounts withdrawn from a business?

Which of the following is true of S corporation shareholders?

Which of the following is a characteristic of a financial audit?

What are the characteristics of effective control systems?

Which of the following is a characteristic of cash flow budget?

_____ is the amount of current assets less current liabilities.

A(n) _____ is a formalized examination and/or review of a company's financial records.

_____ is the process of ensuring that organizational goals are achieved.

_____ control is the careful planning and control of all financial activities of a firm.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 15: Budgeting and Controlling Operations and Taxes

A(n) _____ is an additional tax on certain items imposed by the federal government.

Which of the following is true of taxes on amounts withdrawn from a business?

Which of the following is true of S corporation shareholders?

Which of the following is a characteristic of a financial audit?

What are the characteristics of effective control systems?

Which of the following is a characteristic of cash flow budget?

_____ is the amount of current assets less current liabilities.

A(n) _____ is a formalized examination and/or review of a company's financial records.

_____ is the process of ensuring that organizational goals are achieved.

_____ control is the careful planning and control of all financial activities of a firm.

Starting Your Small Business

Family-Owned Businesses

Forms of Ownership of Small Businesses

Maintaining Good Government Relations and Business Ethics

Becoming the Owner of a Small Business

Planning, Organizing, and Managing a Small Business

How to Obtain the Right Financing for Your Business

Developing Marketing Strategies

Promoting and Distributing

How to Obtain and Manage Human Resources and Diversity in Small Companies

How to Maintain Relationships With Your Employees and Their Representatives

Obtaining and Laying Out Operating Facilities

Purchasing, Inventory, and Quality Control

Basic Financial Planning

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters