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Accounting I-Semester Test 14-15(Part I)

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1.
1 point
Only businesses that earn a profit will have the economic resources to continue to operate.
2.
1 point
A(n) ____ is an individual who transforms ideas for products or services into real-world businesses.
3.
1 point
In a free enterprise system, businesses compete for customers.
4.
1 point
The more you know about yourself, the easier it will be to make career choices.
5.
1 point
A(n) ____ operates to earn money for its owners.
6.
1 point
Corporations often start out as sole proprietorships or partnerships.
7.
1 point
All businesses set up their accounting systems in the same manner.
8.
1 point
All types of businesses sell a product.
9.
1 point
____ refers to the way a person uses his or her time, energy, and resources.
10.
1 point
The corporation is the easiest form of business to organize.
11.
1 point
A(n) ____ operates to support a cause or an interest.
12.
1 point
Service businesses are not intended to operate at a profit.
13.
1 point
A person's skills are the principles by which they live and are the core of their belief system.
14.
1 point
Accounting is often call the "language of business" because ____.
15.
1 point
On-the-job training provides an opportunity to learn the ins and outs of a particular job and get paid while you're learning.
16.
1 point
A(n) ____ firm provides accounting services to clients such as individuals or businesses.
17.
1 point
A partnership can be owned by a more than two individuals.
18.
1 point
Once you decide upon a career, you will probably stay in that career for the rest of your life.
19.
1 point
The most common time period covered by an accounting report is one ____.
20.
1 point
Basic accounting rules and procedures differ from business to business.
21.
1 point
Your ____ is the set of unique qualities that makes you different from all other people.
22.
1 point
To survive, a business must ____.
23.
1 point
Which of the following would not be considered a service business?
24.
1 point
The type of business that provides a product or a service, makes sales to customers, and incurs expenses is ____.
25.
1 point
In the U.S. economy, for-profit businesses are outnumbered by not-for-profit organizations.
26.
1 point
Today, most accounting work is still done with pencil and paper.
27.
1 point
The Internet is a source of educational and career information.
28.
1 point
An example of an internal user of accounting information is ____.
29.
1 point
A(n) ____ is work that is built on a foundation of interest, knowledge, training, and experience.
30.
1 point
All businesses need accounting services.
31.
1 point
The sharing of information and advice is called ____.
32.
1 point
In a business, it is the entrepreneur who ____.
33.
1 point
____ can help you identify preferences that will have an impact on your career choice.
34.
1 point
AT&T is an example of a not-for-profit organization.
35.
1 point
The amount of money earned after the costs of operating a business are paid is ____.
36.
1 point
One of the best ways to find out about particular careers is by talking to people who work in those fields.
37.
1 point
The ____ is the period of time covered by an accounting report.
38.
1 point
A person's ____ are his or her abilities, such as the ability to think creatively or to make decisions.
39.
1 point
The life of a business is divided into specific periods for reporting purposes.
40.
1 point
A business is earning a profit if the selling price of its product covers the cost of the raw materials needed to make the product.
41.
1 point
Most careers require some education or training beyond high school.
42.
1 point
The assumption that requires accounting reports to be prepared for a specific period of time is ____.
43.
1 point
One advantage of owning your own business is that any financial gain from operating the business is yours.
44.
1 point
A professional organization, such as the American Institute of Certified Public Accountants, is a group of people who have common career interests.
45.
1 point
A CPA is a person who has passed a national test and met specified experience and educational standards to become "certified" to practice accounting.
46.
1 point
GAAP is a way to communicate financial information in a form understood by those interested in the operations and financial condition of the business.
47.
1 point
The principles you live by and the beliefs that are important to you are your ____.
48.
1 point
For accounting purposes, a business is an entity separate from its owners.
49.
1 point
Responsibility is one example of a personality trait.
50.
1 point
The most common form of business organization is the ____.
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