Arts PNBE Comput/Accoun
3% discount if paid in 15 days, with full payment due 30 days from date of invoice
The accounting expression "3/15, n/30" means a: Answer
Assets = Liabilities + Capital
The basic accounting equation is: Answer
CPU
The computer part that performs all the controlling, calculating, and processing functions is the: Answer
Balance
The difference between the total debits and the total credits in an account is the: Answer
Balance Sheet
The financial statement that shows the financial position of a company on a particular date: Answer
4.8
The following information is taken from the financial statement of Joan's Video Shop: Total current assets $48,000 Property, plant, and equipment 5,000 Current liabilities 12,000 Long-term liabilities 3,000 Owner's equity 38,000 Beginning inventory 30,000 Ending inventory 32,000 Cost of goods sold 150,000 Net income 40,000 The inventory turnover of Joan's Video is:
Debit side
The left side of a standard account is called the: Answer
Liability
The legal obligation of a business to pay a debt is called a(n): Answer
sole proprietorship
The most rudimentary form of business organization among small businesses is the Answer
owns the business
The owner of a sole proprietorship Answer
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: Answer
Depreciation accounting
The process of allocating the cost of plant and equipment to the periods expected to benefit from the use of these assets is called:
Proving the cash
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: Answer
Credit column
The right-hand amount column of a standard two-column ledger account form is called the: Answer
Accounting cycle
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: Answer
Disks
The terms hard and floppy describe types of: Answer
Assets
The things of value owned by a business are called: Answer
Liabilities and owner's equity
The two main classifications of claims against a firm's assets are: Answer
General ledger
The type of ledger that contains all of the accounts shown on the trial balance is known as a(n): Answer
Formal organization
The use of written policies, budgets, and job descriptions is most closely associated with which of the following stages of growth? Answer
Human relations
Theory X and Y are associated with what school of management? Answer
Format the diskette
To erase and prepare a diskette for use in a computer requires the operator to: Answer
Hardware
What general term describes the physical equipment of a computer system, such as its video screen, keyboard, and storage devices? Answer
Clip art
What is a picture that is saved to a diskette and can be pasted into a document? Answer
Producing written documents
What is the PRIMARY function of word-processing software? Answer
To read from or write information to a floppy disk
What is the function of a disk drive? Answer
$6.67
What is the interest on a $1,000 note for 1 month at an 8% annual interest rate? Answer
$22.50
What is the interest on a $1,000 note for 3 months at a 9% annual interest rate? Answer
Credited
When a net profit is closed to capital, the capital account is: Answer
Not affected
When cash is spent in the acquisition of an asset, the net worth of the business is: Answer
Central processing unit
Which is not a peripheral? Answer
Market analysis
Which is the most crucial part of a new business plan? Answer
Liability
Which of the following accounts normally has a credit balance? Answer
1, 2, and 4 only
Which of the following are input devices for a computer? 1-Mouse 2-Keyboard 3-Printer 4-Modem Answer
A voluntary association of two or more persons to carry on, as co-owners, a business for profit
Which of the following best defines a partnership? Answer
Sending information to a host computer
Which of the following best describes uploading information? Answer
The corporation itself
Which of the following entities is liable for a corporation's debts? Answer
Formulating policies
Which of the following illustrates the management function of planning? Answer
Monitor/display
Which of the following is a computer output device? Answer
Memory Chip
Which of the following is a part of the CPU of a computer? Answer
Journal, ledger, trial balance, financial statements
Which of the following is the correct sequence of accounting procedures? Answer
Partnership
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? Answer
2, 3, 4, 1
Which of the following lists the proper order of accounting procedures? 1-Financial Statements 2-Journal 3-Ledger 4-Trial Balance Answer
Which one of the following is the computer equivalent of a FAX? Answer
Baud rate
Which term refers to the speed at which information is telecomputed? Answer
Allows sophisticated search strategies
Compared with a traditional card catalog, which of the following is an advantage of an electronic card catalog? Answer
Allows the user almost instant access to customer balances
Computer software for accounts receivable: Answer
Occupational Safety and Health Act
Employers are required by the following law to provide a workplace free from harmful hazards: Answer
2 and 4 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) Answer
Social Security
FICA refers to what taxes? Answer
Graphing and clip art
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? Answer
Employee's withholding allowance certificate
Form W-4 is a(n): Answer
Net sales
Gross sales minus sales returns and allowances and minus discounts on sales, yields: Answer
Default values
If the operator does not assign values in computer operations, the computer automatically can assign: Answer
Net profit
If the total of expenses is smaller than the total of revenues, the difference is termed: Answe
a partner can legally bind all members of the firm.
In a partnership, each partner has agency power, which means that Answer
Equal to his/her responsibility
Management theory holds that an employee's authority should be: Answer
Interest
Money paid for the use of money is called: Answer
Laser printers
Output devices that fuse dry ink to paper with pressure and heat are: Answer
government, usually through a secretary of state
Permission to incorporate a business comes from the Answer
Disks
Telecomputing involves the transmission of all of the following except which one? Answer
Liquid
Assets that are easily converted into cash are termed: Answer
Postclosing trial balance
A trial balance of the general ledger accounts taken after the temporary owner's equity accounts have been closed is referred to as: Answer
Type a biography
A word processor would most likely be used to do which of the following? Answer
96 million characters
96 megabytes would be roughly equivalent to: Answer
Creditor
A business or individual to whom a debt is owed is a: Answer
Motherboard
A circuit board that contains most of the electronic components of the system unit is called the:
prepared by an attorney
A corporate charter should be Answer
is chartered under state laws
A corporation Answer
Accounts payable
A debit to the purchases account would have a corresponding credit in which of the following accounts? Answer
the lack of limits on personal liability
A disadvantage of a sole proprietorship is Answer
Backup
A duplicate of an original program or data made as a precaution against loss or damage of the original is called: Answer
Subtracting the cost of supplies on hand from the balance in the supplies account
A funeral home determines the amount of supplies used by which of the following methods?
44%
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? Answer
33%
A funeral home shows the following balances: sales = $1,000,000 sales discounts = $100,000 cost of goods sold = $600,000 The gross profit percentage is: Answer
is capable of legally contracting
A key characteristic of a partnership is that each partner Answer
Quick asset ratio
A liquidity ratio that measures the ability of a firm to meet its current debt on short notice is called the: Answer
Floppy Disk
A plastic disc on which data can be stored magnetically is called a: Answer
Lotus 1-2-3
A popular software package that uses electronic spreadsheets for entry of numbers is: Answer
Sacrifice salaries and dividends when necessary
A primary benefit of the strength of family businesses is the willingness of family members to:
assumes all losses of the business
A sole proprietor Answer
Introductory functional stage
A son or daughter begins to act as a part-time employee in the family business during the: Answer
cannot be a nonresident alien
A stockholder in a Subchapter S corporation Answer
Accounts payable
A transaction in which caskets are bought on account from a supplier should be recorded as a credit to: Answer
Goods available for sale
Adding the beginning merchandise inventory to the purchases for the period yields: Answer
A collection of country-music CD's
All of the following are examples of electronic databases except which one? Answer
Computer
An electronic device that can accept data, perform instructions on the data, and deliver the results of the processed data is called (a):
Creative challenge
An example of a non-financial incentive for employees is: Answer
Income
An increase in proprietorship as a result of a business transaction is considered: Answer
An asset
Anything of value owned is considered: Answer
Software
Before selecting a computer for use in a funeral home, you should determine the correct: Answer
Goods available for sale
Beginning inventory plus purchases for the period yields: Answer
Cost of producing that revenue
Break-even analysis is a method of showing the relationship between sales revenue and: Answer
From _______ to _______
Bryan has created a 10-page story but wants to print only the first two pages. Which printer command should he select?
Unearned
Income received in advance is: Answer
product and development efforts.
Large manufacturers have been known to form strategic alliances with small manufacturers in order to benefit from the smaller firms' Answer
great promise
Looking to the future, strategic alliances represent _____ for small entrepreneurial firms. Answer
Supercomputers, mainframes, minicomputers, microcomputers
Size is commonly used to classify computer systems into basic categories: Answer
Shareware
Software programs that allow you to legally copy them, and/or give them away at no cost are known as what software type? Answer
