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5 Written Questions

5 Matching Questions

  1. Owners Equity
  2. Average taxes
  3. Liabilities are
  4. Average tax rate
  5. Marginal taxes
  1. a total taxes paid divided by total taxable income (the percentage of your income that goes to pay taxes)
  2. b listed in terms of who gets paid first
  3. c the tax bill/taxable income
  4. d (1) Par value (2) Paid-in capital in excess of par (3) Retained earnings
  5. e the percentage paid on teh next dollar earned

5 Multiple Choice Questions

  1. financial statement summarizing a firm's performance over a period of time, usually a quarter or a year
  2. financial statement showing a firm's accounting value on a particular date
  3. cash generated from a firm's normal business activities (of producing and selling).
  4. Gross Fixed Assets - Accumulated Depreciation
  5. amount of tax payable on the next dollar earned

5 True/False Questions

  1. Current assetsequipment; buildings; goodwill

          

  2. Net working capitalcurrent assets less current liabilities

          

  3. Assets arelisted in terms of who gets paid first

          

  4. Cash flow to creditorsdividends paid out by a firm less net new equity raised

          

  5. Generally Accepted Accounting Principles (GAAP)the common set of standards and procedures by which audited financial statements are prepared

          

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