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5 Written questions

5 Matching questions

  1. Owners Equity
  2. Fixed assets
  3. Generally Accepted Accounting Principles (GAAP)
  4. Free cash flow
  5. Average taxes
  1. a (1) Par value (2) Paid-in capital in excess of par (3) Retained earnings
  2. b equipment; buildings; goodwill
  3. c the tax bill/taxable income
  4. d the common set of standards and procedures by which audited financial statements are prepared
  5. e another name for cash flow from assets

5 Multiple choice questions

  1. amount of tax payable on the next dollar earned
  2. cash; inventory; accounts receivable
  3. the percentage paid on teh next dollar earned
  4. total taxes paid divided by total taxable income (the percentage of your income that goes to pay taxes)
  5. Gross Fixed Assets - Accumulated Depreciation

5 True/False questions

  1. Net working capitalcurrent assets less current liabilities


  2. Income statementfinancial statement summarizing a firm's performance over a period of time, usually a quarter or a year


  3. Liabilities arelisted in order of liquidity (descending)


  4. Working capital =current assets less current liabilities


  5. Net working capital=current assets - current liabilities


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