stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Finance quiz bowl practice Flashcards | StudBud
Explore
/
Finance quiz bowl practice
Finance quiz bowl practice
15 terms
·
StudBud Administration
·
7 plays
Imported from external platform
Flashcards
15 cards
F
Practice quiz
P
Host live
L
Questions
15
Answers
1
Which of the following is
NOT
a method of financing for new businesses?
Small Business Loans
Stock Market Sales
Out-of-Network Sales
Angel Investors
2
How does
Accrual Basis Accounting
recognize revenue?
When the customer has received goods or services, regardless of payment
When payment is received from the customer
When the company pays for the goods
When the vendor provides the goods
3
Out-of-network sales are limited to what percentage of projected salary and net cost of goods?
25%
100%
75%
50%
4
What is Sales Variance?
The difference between the projected sales and the actual sales
The amount that company sales vary from month to month
The amount that you could be making if sales is up to speed
The amount that company investments varry from year to year
5
Who benefits from Financial Accounting reports?
Customers and suppliers
Only the accounting department
External parties like investors, creditors, and regulators
Only the company’s managers
6
What is the primary purpose of accounting?
To track employee performance
To analyze stock market trends
To make practical, data-driven decisions using numbers
To create reports for tax purposes
7
In cash accounting, when are expenses recorded?
When the payment is actually made
When the expense is incurred
When the business decides
When a bill is received
8
What is the Federal Unemployment Tax Act? (FUTA)
A tax that everyone pays into in order to pay for unemployment programs
A tax imposed on employers based on the wages they pay their employees
A tax overseas companies pay for not having employees in the US
A tax that companies pay in order to employ more people
9
What does
Managerial Accounting
focus on?
Internal reporting for business managers
External financial reporting
Tracking customer payments
Calculating taxes owed
10
What are withholdings?
Money your employer removes from your paycheck to pay income taxes
Money the banks takes out of your profit to pay back loans
Money that is taken as a punishment for not paying a bill
Money your investors hold back from you when company revenue is down
11
What is the main purpose of
Income Tax
accounting?
To track business expenses
To manage cash flow
To determine profit margins
To calculate how much tax a business owes to the government
12
What is a 401(K) ?
A retirement account for only employees who make under a certain amount
A plan that takes & invests part of a paycheck for retirement tax free
A tax structure that certain types of businesses can files their taxes uner
An accounting style
13
What are deductions?
Money that is deducted from your budget to pay for something else
Money taken out of an employees paycheck to pay toward future contributions
Money that was lost in an accounting report due to an accounting error
Money that the government pays you back after filling out your tax return
14
What are Intangible Assets?
Assets that are not differentiable
Assets that are not physical things, such as patents or trademarks
Assets that you can see and feel, such as computers and office spaces
Assets that have problems; they were seized or they don't work properly
15
What is the main difference between Cash Basis Accounting and Accrual Basis Accounting?
Cash basis is used by large corporations, accrual by small businesses
Cash basis is for external reporting, accrual for internal use
Cash basis is used only in tax accounting
Cash basis= when cash is exchanged but Accrual= when the transaction occurs
