Question Completion Status: QUESTION 1 1. The ____________________ is a type of financial statement that indicates the worth or financial condition of a business as of a certain date. income statement ratio statement balance sheet vertical analy

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  Question Completion Status:

QUESTION 1

1.The ____________________ is a type of financial statement that indicates the worth or financial condition of a business as of a certain date.

income statement

ratio statement

balance sheet

vertical analysis

10 points   

QUESTION 2

1._________ assets are assets that are normally turned into cash within a year.

Liquid

Nonliquid

Current

Historical

10 points   

QUESTION 3

1._______ and _________ are assets that are used in transacting business and are more long term in nature.

Plant and equipment

Accounts and receivables

Notes and cash

Merchandise and inventory

10 points   

QUESTION 4

1.___________ are amounts that the business owes.

Assets

Liabilities

Receivables

Inventories

10 points   

QUESTION 5

1.Capital, proprietorship, and net worth are all terms that refer to owner’s _______.

liabilities

debts

equity

cash

10 points   

QUESTION 6

1.A __________ analysis of a balance sheet shows the ratio of each item on the balance sheet to the total assets.

horizontal

current

wage

vertical

10 points   

QUESTION 7

1.A(n) ___________ analysis compares the same item for two different years.

vertical

current

horizontal

inventory

10 points   

QUESTION 8

1.The ___________ statement shows the net income of a business over a period of years.

income

expenditure

liability

loss

10 points   

QUESTION 9

1.______ sales is the difference between the total sales and sales returns or allowances.

Gross

Surplus

Discounted

Net

10 points   

QUESTION 10

1.________ profit is the difference between the net sales and the cost of goods sold.

Net

Surplus

Gross

Incidental

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