NBE - Arts
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?
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