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5 Written questions

5 Matching questions

  1. Average taxes
  2. Income statement
  3. Fixed assets
  4. Liabilities are
  5. Average tax rate
  1. a equipment; buildings; goodwill
  2. b total taxes paid divided by total taxable income (the percentage of your income that goes to pay taxes)
  3. c the tax bill/taxable income
  4. d listed in terms of who gets paid first
  5. e financial statement summarizing a firm's performance over a period of time, usually a quarter or a year

5 Multiple choice questions

  1. amount of tax payable on the next dollar earned
  2. a firm's interest payments to creditors less net new borrowings
  3. dividends paid out by a firm less net new equity raised
  4. (1) Par value (2) Paid-in capital in excess of par (3) Retained earnings
  5. listed in order of liquidity (descending)

5 True/False questions

  1. Net Fixed Assets =Gross Fixed Assets - Accumulated Depreciation


  2. Noncash itemsexpenses charged against revenues that do not directly affect cash flow, such as depreciation.


  3. Net working capitalcurrent assets


  4. Current assetsequipment; buildings; goodwill


  5. Balance sheetlisted in order of liquidity (descending)


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