BZ 450 BZ450 EXAM 4 ANSWERS - ASHWORTH

BZ 450 BZ450 EXAM 4 ANSWERS - ASHWORTH

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BZ450 Being an Entrepreneur Exam 4 Answers (Ashworth)
Question 1

2.5 / 2.5 points
Match the financial objective with its correct definition.
Question options:
a) 
stability - the overall health of the financial structure of the firm, particularly as it relates to its debt-to-equity ratio

b) 
profitability - how productively a firm utilizes its assets

c) 
liquidity - a company's ability to make a profit

d) 
efficiency - a company's ability to meet its short-term obligations

Question 2

2.5 / 2.5 points
A ________ partnership is a modified form of a general partnership.
Question options:
a) 
restricted

b) 
limited

c) 
partial

d) 
constrained

Question 3

2.5 / 2.5 points
Which of the following is the most important thing that an entrepreneur, or team of entrepreneurs, can do to build a strong ethical culture in their organization?
Question options:
a) 
Implement an ethics training program

b) 
Write a mission statement

c) 
Lead by example

d) 
Hire an ethics compliance officer

Question 4

2.5 / 2.5 points
The four main financial objectives of a firm are:
Question options:
a) 
efficiency, effectiveness, strength, and flexibility.

b) 
power, success, efficiency, and effectiveness.

c) 
control, effectiveness, liquidity, and power.

d) 
profitability, liquidity, efficiency, and stability.

Question 5

2.5 / 2.5 points
A disadvantage of C corporations is that they are subject to ________, which means that a corporation is taxed on its net income and when the same income is distributed to shareholders in the form of dividends it is taxed again on shareholders' personal income tax returns.
Question options:
a) 
double taxation

b) 
dual toll

c) 
double duty

d) 
double assessment

Question 6

2.5 / 2.5 points
A ________ sets forth the rights and duties of the general and limited partners, along with the details of how the partnership will be managed and eventually dissolved.
Question options:
a) 
partnership accord

b) 
restricted partnership agreement

c) 
business partnership agreement

d) 
limited partnership agreement

Question 7

2.5 / 2.5 points
A financial statement is a(n):
Question options:
a) 
set of ratios which depict relationships between a firm's financial items.

b) 
estimate of a firm's future income and expenses.

c) 
hybrid statement of cash flows.

d) 
written report that quantitatively describes a firm's financial health.

Question 8

2.5 / 2.5 points
A company's ability to productively utilize its assets relative to its revenue and its profits is referred to as:
Question options:
a) 
efficiency.

b) 
effectiveness.

c) 
stability.

d) 
liquidity.

Question 9

2.5 / 2.5 points
Corporations that trade their stock on organized exchanges like the New York Stock Exchange and the NASDAQ are called ________ corporations.
Question options:
a) 
national

b) 
civil

c) 
public

d) 
premier

Question 10

2.5 / 2.5 points
Money owed to a company by its customers is referred to as:
Question options:
a) 
accounts obtainable.

b) 
accounts payable.

c) 
accounts receivable.

d) 
inventory.

Question 11

2.5 / 2.5 points
Most businesses that plan to use a fictitious name, which is any name other than the business owner's name, need a(n) ________ permit.
Question options:
a) 
unreal business name

b) 
fabricated business name

c) 
invented business name

d) 
fictitious business name

Question 12

2.5 / 2.5 points
Which of the following is NOT an advantage of a general partnership?
Question options:
a) 
Business losses can be deducted against the partners' other sources of income.

b) 
The skills and abilities of more than one individual are available to the firm.

c) 
The liquidity of each partner's investment is low.

d) 
Creating one is relatively easy and inexpensive compared to a C corporation or limited liability company.

Question 13

2.5 / 2.5 points
On a firm's income statement, net sales consists of:
Question options:
a) 
operating expenses minus cost of sales.

b) 
total sales minus allowances for returned goods and discounts.

c) 
cost of sales minus allowances for returned goods and discounts.

d) 
cost of sales minus operating expenses.

Question 14

2.5 / 2.5 points
________ are an estimate of a firm's future income and expenses, based on its past performance, its current circumstances, and its future plans.
Question options:
a) 
Calculation statements

b) 
Forecasts

c) 
Statements of cash flow

d) 
Financial statements

Question 15

2.5 / 2.5 points
In the context of a firm's statement of cash flows, ________ activities include the purchase, sale, or investment in fixed assets (e.g., real estate, equipment, and buildings).
Question options:
a) 
operating

b) 
investing

c) 
capital

d) 
financing

Question 16

2.5 / 2.5 points
A corporation is formed by filing ________ with the Secretary of State's office in the state of incorporation.
Question options:
a) 
a certificate of intent to incorporate

b) 
articles of business

c) 
corporate credentials

d) 
articles of incorporation

Question 17

2.5 / 2.5 points
In the context of a firm's statement of cash flows, ________ activities include cash raised during the period by borrowing money or selling stock and/or cash used during the period by paying dividends, buying back outstanding stock, or buying back outstanding bonds.
Question options:
a) 
investing

b) 
financing

c) 
operating

d) 
liquidity

Question 18

2.5 / 2.5 points
________ is a company's ability to meet its short-term financial obligations.
Question options:
a) 
Liquidity

b) 
Profitability

c) 
Effectiveness

d) 
Stability

Question 19

2.5 / 2.5 points
Partnerships are organized as either ________ or ________ partnerships.
Question options:
a) 
specific; general

b) 
narrow; broad

c) 
inward; outward

d) 
general; limited

Question 20

2.5 / 2.5 points
A(n) ________ details the responsibilities and the ownership shares of the partners involved with an organization.
Question options:
a) 
partnership agreement

b) 
industry contract

c) 
business pledge

d) 
business agreement



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