Question 1

Borrowing from creditors is divided into current and long-term liabilities.

Accepted Answer

A) True 
 B)False

Question 2

What will the net income of a company be if its revenue is $600,000 and expenses $200,000?

Accepted Answer

A)  $800,000 
B)  $200,000 
C)  $400,000 
D)  $1,200,000 
A)  $800,000 
B)  $200,000 
C)  $400,000 
D)  $1,200,000

Question 3

How can a small business decrease planned expenses to improve profits?

Accepted Answer

A small business can decrease planned ex

Question 4

In the context of small businesses, what is the difference between accounts receivable and accounts payable?

Accepted Answer

Accounts receivable are current assets r

Question 5

Profit planning is simple for new entrepreneurs who have given up well-paying jobs in order to go out on their own.

Accepted Answer

A) True 
 B)False

Question 6

Selling on credit coupled with a careful selection of customers can help small business owners maintain a higher level of sales.

Accepted Answer

A) True 
 B)False

Question 7

For small business owners, a lack of accurate cost information can foster the illusion of making a greater profit than is really earned.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is an example of long-term liability?

Accepted Answer

A)  Accounts payable 
B)  Accounts receivable 
C)  Accrued payable 
D)  Mortgage payable 
A)  Accounts payable 
B)  Accounts receivable 
C)  Accrued payable 
D)  Mortgage payable

Question 9

Which of the following is true of profit planning?

Accepted Answer

A)  Profit planning completely eliminates the risk of failure of businesses. 
B)  Typically, determining the volume of sales revenue is not required for profit planning. 
C)  Profit planning must precede other planning activities. 
D)  The profit goal need not be a specific target value. 
A)  Profit planning completely eliminates the risk of failure of businesses. 
B)  Typically, determining the volume of sales revenue is not required for profit planning. 
C)  Profit planning must precede other planning activities. 
D)  The profit goal need not be a specific target value.

Question 10

How can a small business change its planned sales income to improve profits?

Accepted Answer

Planned sales income may be changed by:

Borrowing from creditors is divided into current and long-term liabilities.

What will the net income of a company be if its revenue is $600,000 and expenses $200,000?

How can a small business decrease planned expenses to improve profits?

In the context of small businesses, what is the difference between accounts receivable and accounts payable?

Profit planning is simple for new entrepreneurs who have given up well-paying jobs in order to go out on their own.

Selling on credit coupled with a careful selection of customers can help small business owners maintain a higher level of sales.

For small business owners, a lack of accurate cost information can foster the illusion of making a greater profit than is really earned.

Which of the following is an example of long-term liability?

Which of the following is true of profit planning?

How can a small business change its planned sales income to improve profits?

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

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters

Exam 14: Basic Financial Planning

Borrowing from creditors is divided into current and long-term liabilities.

What will the net income of a company be if its revenue is $600,000 and expenses $200,000?

How can a small business decrease planned expenses to improve profits?

In the context of small businesses, what is the difference between accounts receivable and accounts payable?

Profit planning is simple for new entrepreneurs who have given up well-paying jobs in order to go out on their own.

Selling on credit coupled with a careful selection of customers can help small business owners maintain a higher level of sales.

For small business owners, a lack of accurate cost information can foster the illusion of making a greater profit than is really earned.

Which of the following is an example of long-term liability?

Which of the following is true of profit planning?

How can a small business change its planned sales income to improve profits?

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

Budgeting and Controlling Operations and Taxes

Using Computer Technology in Small Businesses

Risk Management, Insurance, and Crime Prevention

Filters