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Exam 3

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Submitted By johnl1927
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Note: It is recommended that you save your response as you complete each question. |
Question 1 (4 points)

The ____ shows the results of a firm's operations over a period of time, usually one year.
Question 1 options: | income statement | | balance sheet | | statement of cash flow | | statement of financial position |
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Question 2 (4 points)

Operating expenses include
Question 2 options: | marketing-related expenses. | | the cost for independent dealers to prepare for the distribution of the product. | | interest on all loans. | | income taxes. |
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Question 3 (4 points)

For the opening day of The Lemonade Kids, MacKenzie and John bought $40 of “premium pink lemonade mix” and paper cups, which constituted their
Question 3 options: | cash balance. | | fixed assets. | | inventory. | | cost of goods sold. |
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Question 4 (4 points)

After their first day of their The Lemonade Kids, MacKenzie and John’s profits were $45. However their cash increased by only $30 because their _____ also increased.
Question 4 options: | debt | | inventory | | accounts payable | | accounts receivable |
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Question 5 (4 points)

Raw materials and products held by the firm for sale constitute _____.
Question 5 options: | accounts payable. | | accounts receivable. | | cost of goods. | | inventories. |
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Question 6 (4 points)

Which asset would considered an other asset?
Question 6 options: | Land | | Machinery | | Contingency funds | | Goodwill |
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Question 7 (4 points)

Current assets include all of the following accounts except
Question 7 options: | accounts payable. | | accounts receivable. | | cash. | | inventories. |
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Question 8 (4 points)

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