NBE - Arts

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Which of the following entities is liable for a corporation's debts?

The corporation itself

What is the function of a disk drive?

To read from or write information to a floppy disk

The financial statement that shows the financial position of a company on a particular date:

Trial Balance

The occurrence of situations that require certain actions

Triggering events

A word processor would most likely be used to do which of the following?

Type a biography

Income received in advance is:

Unearned

Permission to incorporate a business comes from the

government, usually through a secretary of state

Looking to the future, strategic alliances represent _____ for small entrepreneurial firms.

great promise

A key characteristic of a partnership is that each partner

is capable of legally contracting

A corporation

is chartered under state laws

The owner of a sole proprietorship

owns the business

A corporate charter should be

prepared by an attorney

Large manufacturers have been known to form strategic alliances with small manufacturers in order to benefit from the smaller firms'

product and development efforts.

The most rudimentary form of business organization among small businesses is the

sole proprietorship

A disadvantage of a sole proprietorship is

the lack of limits on personal liability

What is the interest on a $1,000 note for 3 months at a 9% annual interest rate?

$22.50

What is the interest on a $1,000 note for 1 month at an 8% annual interest rate?

$6.67

Which of the following are input devices for a computer? 1-Mouse 2-Keyboard 3-Printer 4-Modem

1 and 2 only

Examples of vertical market software would be: 1-Microsoft Office 2-The Funeral Director's Assistant 3-Microsoft PowerPoint 4-Funeral Directors Management System (FDMS 2000)

2 and 4 only

Which of the following lists the proper order of accounting procedures? 1-Financial Statements 2-Journal 3-Ledger 4-Trial Balance

2, 3, 4, 1

The accounting expression "3/15, n/30" means a:

3% discount if paid in 15 days, with full payment due 30 days from date of invoice

Which is not a peripheral?

Central processing unit

A draft drawn on a bank and payable on demand is called a:

Check

What is a picture that is saved to a diskette and can be pasted into a document?

Clip art

An electronic device that can accept data, perform instructions on the data, and deliver the results of the processed data is called (a):

Computer

Break-even analysis is a method of showing the relationship between sales revenue and:

Cost of producing that revenue

An example of a non-financial incentive for employees is:

Creative challenge

The right-hand amount column of a standard two-column ledger account form is called the

Credit column

When a net profit is closed to capital, the capital account is:

Credited

A business or individual to whom a debt is owed is a:

Creditor

The process of allocating the cost of plant and equipment to the periods expected to benefit from the use of these assets is called:

Depreciation accounting

Telecomputing involves the transmission of all of the following except which one?

Disks

The terms hard and floppy describe types of:

Disks

Which one of the following is the computer equivalent of a FAX?

E-mail

Form W-4 is a(n):

Employee's withholding allowance certificate

Management theory holds that an employee's authority should be:

Equal to his/her responsibility

FICA refers to what taxes?

Federal income tax

A plastic disc on which data can be stored magnetically is called a:

Floppy Disk

The use of written policies, budgets, and job descriptions is most closely associated with which of the following stages of growth?

Formal organization

To erase and prepare a diskette for use in a computer requires the operator to:

Format the diskette

Which of the following illustrates the management function of planning?

Formulating policies

Bryan has created a 10-page story but wants to print only the first two pages. Which printer command should he select?

From _______ to _______

The type of ledger that contains all of the accounts shown on the trial balance is known as a(n):

General ledger

Adding the beginning merchandise inventory to the purchases for the period yields:

Goods available for sale

Beginning inventory plus purchases for the period yields:

Goods available for sale

For a social studies report, Fred needs to illustrate the products of North Carolina with pictures and comparison graphs. He would most likely use what software programs?

Graphing and clip art

What general term describes the physical equipment of a computer system, such as its video screen, keyboard, and storage devices?

Hardware

Theory X and Y are associated with what school of management?

Human relations

Which is the most crucial part of a new business plan?

Market analysis

Which of the following is a part of the CPU of a computer?

Memory Chip

Which of the following is a computer output device?

Monitor/display

If the total of expenses is smaller than the total of revenues, the difference is termed:

Net profit

Gross sales minus sales returns and allowances and minus discounts on sales, yields:

Net sales

When cash is spent in the acquisition of an asset, the net worth of the business is:

Not affected

Employers are required by the following law to provide a workplace free from harmful hazards:

Occupational Safety and Health Act

Which of the following legal forms of an organization allows owners to contribute no capital but still play a part in managing the business and share in its profits?

Partnership

A trial balance of the general ledger accounts taken after the temporary owner's equity accounts have been closed is referred to as:

Postclosing trial balance

What is the PRIMARY function of word-processing software?

Producing written documents

The process of determining whether the amount of cash, both on hand and in bank, is the same as amount entered in the accounting records is called:

Proving the cash

" " has no cash value whenever the policy expires.

Term life insurance

The basic accounting equation is:

Assets = Liabilities + Capital

The things of value owned by a business are called:

Assets

Which of the following best defines a partnership?

A voluntary association of two or more persons to carry on, as co-owners, a business for profit

A funeral home has $90,000 of accounts receivable. $50,000 of that is current, $10,000 is in the 30 to 60 day column, $20,000 is in the 60 to 90 day column, and $10,000 is over 90 days. What percent of the accounts receivable is past due?

44%

96 megabytes would be roughly equivalent to:

96 million characters

All of the following are examples of electronic databases except which one?

A collection of country-music CD's

The steps involved in handling all of the transactions and events completed during an accounting period, beginning with placing the data in a book of original entry and ending with a post-closing trial balance, are referred to collectively as the:

Accounting cycle

A debit to the purchases account would have a corresponding credit in which of the following accounts?

Accounts payable

A transaction in which caskets are bought on account from a supplier should be recorded as a credit to:

Accounts payable

Compared with a traditional card catalog, which of the following is an advantage of an electronic card catalog?

Allows sophisticated search strategies

Computer software for accounts receivable:

Allows the user almost instant access to customer balances

Anything of value owned is considered:

An asset

A duplicate of an original program or data made as a precaution against loss or damage of the original is called:

Backup

Clothes and jewelry given to the funeral director to be placed on the dead body are considered in law as:

Bailed property

The difference between the total debits and the total credits in an account is the:

Balance

Which term refers to the speed at which information is telecomputed?

Baud rate

The computer part that performs all the controlling, calculating, and processing functions is the:

CPU

The portion of the computer that controls the functions of the system and is composed of the 3 sub-units called the control unit, arithmetic unit, and memory unit is the:

CPU

The left side of a standard account is called the:

Debit side

If the operator does not assign values in computer operations, the computer automatically can assign:

Default values

An increase in proprietorship as a result of a business transaction is considered:

Income

Money paid for the use of money is called:

Interest

A son or daughter begins to act as a part-time employee in the family business during the:

Introductory functional stage

Which of the following is the correct sequence of accounting procedures?

Journal, ledger, trial balance, financial statements

Output devices that fuse dry ink to paper with pressure and heat are:

Laser printers

The two main classifications of claims against a firm's assets are:

Liabilities and owner's equity

The legal obligation of a business to pay a debt is called a(n):

Liability

Which of the following accounts normally has a credit balance?

Liability

Assets that are easily converted into cash are termed:

Liquid

A popular software package that uses electronic spreadsheets for entry of numbers is:

Lotus 1-2-3

A primary benefit of the strength of family businesses is the willingness of family members to:

Sacrifice salaries and dividends when necessary

The passing of title from seller to buyer for a price is called a:

Sale

Which of the following best describes uploading information?

Sending information to a host computer

Software programs that allow you to legally copy them, and/or give them away at no cost are known as what software type?

Shareware

Before selecting a computer for use in a funeral home, you should determine the correct:

Software

A funeral home determines the amount of supplies used by which of the following methods?

Subtracting the cost of supplies on hand from the balance in the supplies account

Size is commonly used to classify computer systems into basic categories

Supercomputers, mainframes, minicomputers, microcomputers

In a partnership, each partner has agency power, which means that

a partner can legally bind all members of the firm

A sole proprietor

assumes all losses of the business.

A stockholder in a Subchapter S corporation

cannot be a nonresident alien


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