Identify proper financial management and financing options.
Identify proper financial management and financing options.
Which of the following is NOT something proper financial management can ensure?
• a.)An improved credit rating
• b.)The availability of money for immediate cash flow problems
• c.)Effectively planning and controlling spending
• d.)The availability of sufficient financing
2 — Financial Accounting as Compared to Managerial Accounting
Differentiate between financial accounting and managerial accounting.Which of the following is an example of managerial accounting?
• a.)Develops the statement of cash flows
• b.)Creates reports for government agencies
• c.)Provides reports to internal managers
• d.)Prepares the balance sheet
3 — Risk Management
Determine the ways of managing risk in an organization.
Which of the following is an example of risk avoidance?
• a.)A business pays another company to take the risk involved with performing a certain activity.
• b.)A business identifies risks that could occur and takes steps to minimize their negative impact.
• c.)A business engages in a different activity so that it does not incur any risk.
• d.)A business knows it must take a risk and assumes the costs involved with the activity.
4 — Financial Planning
Identify key elements in each of the financial statements created during the financial planning process.
Which of the following items would be included in an income statement?
• a.)Money spent investing in long-term bonds
• b.)Long-term debt amounts
• c.)Costs of goods sold
• d.)Owner’s equity value
5 — Budgeting
Recognize the key aspects of budgeting needed in organizations.
The __________ is used to evaluate how likely a company is to pay off its debts.
• a.)cash budget
• b.)current ratio
• c.)capital budget
• d.)debt to owner’s equity ratio
6 — How Money has Developed over Time
Determine the functions of money.
Cows make poor currency because they eventually die.
For this reason, cows lack which of the following features of money?
• a.)Divisibility
• b.)Durability
• c.)Stability
• d.)Portability
7 — Federal Reserve
Identify the roles and tools used by the Federal Reserve.
Stricter _________ cause banks to hold more money, which means the banks have less money to lend to consumers and businesses.
• a.)money supply guidelines
• b.)discount rate controls
• c.interest rates
• d.)reserve requirements
8 — Financial Institutions and Their Services
Differentiate between the types of financial institutions.
Which type of non-profit institution requires that a person must meet certain guidelines to become a member before they can take advantage of the institution’s services?
• a.)Non-deposit institution
• b.)Credit union
• c.)Savings and loan association
• d.)Mutual savings bank
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