Feedback Module one graded quiz - This quiz

contributes 10% towards your final grade - Due 8th

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You submitted this quiz on Mon 1 Jun 2015 3:27 PM PDT. You got a score
of 10.00 out of 10.00.
This quiz contributes 10% towards your final grade for this course.
There are 10 questions - Attempt all questions.
You can attempt this quiz two (2) times only. The highest score will be used towards your final grade.
Ensure you have watched all the lecture videos, done the practice quiz and other learning activities
for Module 1 BEFORE doing this quiz.

Question 1
The asset section of the balance sheet summarizes:

Your Answer

Score

Revenues and expenses

Cash transactions

What the company owns

Correct

1.00

Explanation

What the company owes

Total

1.00 / 1.00

Question 2
Total assets equal:

Your Answer

Score

Residual claim after all liabilities are repaid

Current assets + non-current assets

Correct

1.00

Cash + accounts receivable

Current assets + property plant equipment

Total

Question 3
Which of the following would NOT be found in the liabilities section of the balance sheet?

1.00 / 1.00

Expla

Your Answer

Score

Explanatio

Notes payable

Accounts payable

Pension liability

Property plant & equipment

Correct

Total

1.00

1.00 / 1.00

Question 4
Which of the following equations represents the calculation of a firms liabilities?

Your Answer
Assets Liabilities - Equity

Assets + Equity

Score

Explanatio

Assets - Equity

Correct

1.00

Equity - Assets

Total

1.00 / 1.00

Question 5
Which of the following is a key characteristic of a public corporation?

Your Answer

Score

Private company

Full government ownership

Separate ownership and management of assets

Correct

1.00

Shareholders are also debtholders

Total

1.00 / 1.00

Expla

Question 6
Which of the following equations represent the residual claim on a firms assets?

Your Answer
Assets Liabilities

Score

Correct

Explanatio

1.00

Equity + Liabilities

Assets Liabilities - Equity

Assets - Equity

Total

1.00 / 1.00

Question 7
The bottom line in a profit and loss statement is:

Your Answer
Net income (or earnings)

Score

Correct

1.00

Explanation

Revenues

Expenses

Gross income

Total

1.00 / 1.00

Question 8
Which of the following is NOT included in the operating profit figure?

Your Answer

Score

Net sales

Cost of goods sold

Interest expense

Correct

1.00

Expla

Selling, general and administrative expenses

Total

1.00 / 1.00

Question 9
Which of the following is equal to gross profit?

Your Answer

Score

Operating profit + other income

Net sales cost of goods sold

Correct

1.00

EBT - tax

EBIT - interest

Total

Question 10
Net income equals:

1.00 / 1.00

Explanat

Your Answer

Score

Operating income

EBITDA

EBIT - interest

EBT- tax

Total

Correct

1.00

1.00 / 1.00

Explanation