What is a financial forecast?

Estimate future financial outcomes

What does GAAP stand for?

Generally Accepted Accounting Principles

What is double-entry accounting?

Two entries for each transaction

The full title of BMGT 110 is:

Introduction to Business and Managment

Which is a type of equity?

Retained earnings, Common stock

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Financial Literacy Quiz

25 termsStudBud Administration4 plays

Test your knowledge on accounting, financial statements, budgeting, and more in this engaging quiz on financial literacy.

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Questions 25

Answers

1
What is the purpose of accounting?
Track financial performance
Manage human resources
Design product packaging
Create marketing strategies
2
What is a budget?
Inventory management tool
Sales strategy document
List of employees
Financial plan for spending
3
What is the purpose of an audit?
Increase sales
Manage employee performance
Verify financial accuracy
Develop marketing strategies
4
Which is a source of financing?
Inventory purchases
Bank loans
Employee salaries
Office supplies
5
What is a financial forecast?
Record past transactions
Create marketing plans
Estimate future financial outcomes
Analyze employee performance
6
What does GAAP stand for?
Generalized Accounting Assessment Process
Global Accounting and Analysis Protocol
Governmental Accounting and Auditing Practices
Generally Accepted Accounting Principles
7
Which is an example of an asset?
Loan payable
Accounts receivable
Revenue
Real estate
8
With UMGC, you can get a bachelor's and master's in Accounting.
True
False
9
I preferred holding discussions in class versus online.
False
True
10
What does ROI stand for?
Return on Investment
Revenue on Investment
Rate of Income
Return of Interest
11
What is an expense?
Investment return
Revenue generated
Cost of doing business
Asset acquisition
12
Which is a liability?
Inventory
Cash
Equity
Accounts payable
13
What is double-entry accounting?
Only expenses recorded
One entry for each transaction
Only cash transactions recorded
Two entries for each transaction
14
Which is a key financial statement?
Marketing plan
Employee handbook
Sales forecast
Balance sheet
15
Professor Carey's work email address is:
[email protected]
[email protected]
[email protected]
[email protected]
16
What does Professor Carey say she is a nerd about?
Formatting
PowerPoint
Finance
Business
17
What is the main goal of financial management?
Reduce employee turnover
Enhance customer satisfaction
Increase product variety
Maximize shareholder value
18
What does this currency symbol stand for?
Euro
Yen
Pound
Dinar
19
The full title of BMGT 110 is:
Introduction to Business Managment
Introduction to Business and Managment
Introduction to Managment and Business
Introduction to the best class I ever took!
20
Which is a financial ratio?
Market share percentage
Employee satisfaction score
Debt-to-equity ratio
Product return rate
21
Which is a fixed cost?
Rent
Raw materials
Utilities
Sales commissions
22
True or false: Assets must equal liabilities plus equity.
False
True
23
Which is a type of equity?
Retained earnings
Short-term debt
Accounts payable
Common stock
24
Which is a current asset?
Long-term investments
Buildings
Land
Cash
25
What is cash flow?
Employee salary payments
Total sales revenue
Movement of cash in/out
Inventory turnover rate

Financial Literacy Quiz Flashcards | StudBud