Business – Accounting
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Question 1 of 60
1. Question
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Q. I __________________________ our profits for the previous accounting period.
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Question 2 of 60
2. Question
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Q. Your job will be to __________________________ and maintain financial records.
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Question 3 of 60
3. Question
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Q. An accounting period is a period of time over which __________________________ are calculated.
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Question 4 of 60
4. Question
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Q. Accounts __________________________ refers to the money that is owed to the company by its clients/customers.
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Question 5 of 60
5. Question
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Q. To accrue means to accumulate or _________________.
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Question 6 of 60
6. Question
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Q. My house has _______________________ ( = increased in value) by 10% in the past 9 months.
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Question 7 of 60
7. Question
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Q. I indicated all the accrued expenses on your balance _______________________.
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Question 8 of 60
8. Question
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Q. These expenses are typically __________________________. ( = they occur regularly)
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Question 9 of 60
9. Question
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Q. Another word for accounting is __________________________.
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Question 10 of 60
10. Question
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Q. A good accountant will help you keep _________________________of your business’s finances.
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Question 11 of 60
11. Question
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Q. I have a lot of experience in collecting financial information necessary for __________________ various tax returns.
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Question 12 of 60
12. Question
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Q. I find it really hard to keep track of my __________________. ( = the money I spend)
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Question 13 of 60
13. Question
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Q. You have nothing to worry about. Your (financial) __________________ accurately reflect your business’s income and expenses.
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Question 14 of 60
14. Question
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Q. The IRS is a government organization responsible for _________________ taxes in the USA.
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Question 15 of 60
15. Question
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Q. If the IRS __________________ you, they will want to inspect your financial records in detail.
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Question 16 of 60
16. Question
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Q. You should always keep __________________ ( = proof of payments) or other acceptable records of every payment to your business and every expenditure by your business.
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Question 17 of 60
17. Question
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Q. An expenditure is basically a __________________.
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Question 18 of 60
18. Question
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Q. What do you do with forms?
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Question 19 of 60
19. Question
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Q. One of your duties will be to summarize the company’s income and expenditure records on a monthly __________________.
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Question 20 of 60
20. Question
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Q. I can help you determine how much your business is worth at a specific __________________.
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Question 21 of 60
21. Question
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Q. In economics, a transfer _________________ is a non-compensatory government payment to individuals (such as welfare or social security benefits).
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Question 22 of 60
22. Question
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Q. Things of value owned by a business are known as its _________________.
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Question 23 of 60
23. Question
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Q. What’s the opposite of an asset?
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Question 24 of 60
24. Question
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Q. Some think that the _________________ of many companies are overstated due to deceptive accounting practices.
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Question 25 of 60
25. Question
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Q. Every company should have a clear record of their _________________ assets.
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Question 26 of 60
26. Question
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Q. Is “book _________________” the same as “net worth”?
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Question 27 of 60
27. Question
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Q. The breakeven point in sales can be calculated by _________________ a company’s fixed expenses by the company’s contribution margin ratio.
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Question 28 of 60
28. Question
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Q. Our company’s _________________ ( = not fixed) expenses are approximately $45,000 per month.
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Question 29 of 60
29. Question
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Q. By forming a corporation, you can _________________ to only those assets owned by your corporation.
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Question 30 of 60
30. Question
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Q. Not only has the company __________________ a lot of capital, but it has done so efficiently.
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Question 31 of 60
31. Question
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Q. An accountant who reviews the accounting procedures of a company is called _________________.
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Question 32 of 60
32. Question
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Q. Do you have any experience in using an _________________ costing system?
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Question 33 of 60
33. Question
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Q. A general _________________ in business says that 20% of the product line produces 80% of the sales.
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Question 34 of 60
34. Question
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Q. The term “equity” refers to the owners’ _____________________ of the business.
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Question 35 of 60
35. Question
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Q. An expenditure will not necessarily show up on the income _____________________ at the time the expenditure is made.
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Question 36 of 60
36. Question
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Q. All expenditures _____________________ ( = in time) show up as expenses.
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Question 37 of 60
37. Question
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Q. Something is an “expense” if it is _____________________ against revenue during an accounting period.
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Question 38 of 60
38. Question
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Q. Our company’s _____________________ year begins on May 1.
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Question 39 of 60
39. Question
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Q. Thanks to your hard work, we’ve seen some positive changes in sales _____________________. ( = we have started selling more)
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Question 40 of 60
40. Question
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Q. We really need to start keeping our business _________________ organized.
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Question 41 of 60
41. Question
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Q. A statement of _________________ helps you keep track of your business’s finances.
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Question 42 of 60
42. Question
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Q. Customers usually come here looking for _________________ advice.
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Question 43 of 60
43. Question
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Q. This plan is not really _____________________ ( = executable).
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Question 44 of 60
44. Question
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Q. “Liquid” assets often refer to _____________________.
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Question 45 of 60
45. Question
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Q. A flat-rate plan ______________________ marginal costs.
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Question 46 of 60
46. Question
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Q. In accounting, a cost that does not _____________________ ( = change) with the level of production or sales is referred to as “overhead”.
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Question 47 of 60
47. Question
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Q. There are two types of profit: gross profit and _____________________.
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Question 48 of 60
48. Question
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Q. “Net profit after taxes” is what’s called “the bottom line”. It’s the _____________________ after everything has been subtracted.
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Question 49 of 60
49. Question
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Q. An element of _____________________ is always present in all business activities.
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Question 50 of 60
50. Question
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Q. A _____________________ of an item in account books (because it no longer has any value) is what’s known as a “write-off”.
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Question 51 of 60
51. Question
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Q. The partners of the accounting firm gathered in Tampa for their _________________ meeting.
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Question 52 of 60
52. Question
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Q. His last company owes millions in _________________ taxes.
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Question 53 of 60
53. Question
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Q. Tax _________________ help wealthy investors hide millions of dollars in taxable income.
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Question 54 of 60
54. Question
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Q. Lawyers or accountants who work in the same firm are often referred to as _________________, not “employees”.
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Question 55 of 60
55. Question
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Q. My accountant advised me that this approach would be much more _________________. ( = profitable)
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Question 56 of 60
56. Question
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Q. I would welcome an opportunity to analyze your company’s __________________ ( = financial records) in detail.
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Question 57 of 60
57. Question
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Q. He’s one of our __________________ clients. = He hired us to do audits for his company.
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Question 58 of 60
58. Question
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Q. CFO stands for “chief __________________ officer”.
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Question 59 of 60
59. Question
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Q. I’m not questioning your tax __________________. I just think that this approach would not work for our company.
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Question 60 of 60
60. Question
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Q. Microsoft __________________ nearly 60% of its total United States revenues from software sales.
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