Question A statement of owner’s equity is:

A statement of owner’s equity is:

a statement of financial condition prepared at the end of a set period of time that lists a company’s assets, liabilities, and owners’ equity.

a statement that tracks a company’s revenue and expenses over any given period.

a statement that articulates the retained earnings/loss of the sport business (i.e. net worth) and what percentage is provided to investors via dividends.

a statement that shows the movement of an organization’s most important asset (cash) in and out of the business.

Question 2. Question :

The purpose of leverage ratios in financial management is:

to measure of the amount of business being transacted.

to use of debt and equity in a business to increase the return on investment by owners and stakeholders.

to have the ability to easily convert assets into cash to cover liabilities.

to have the ability to produce earnings for a business.

Question 3. Question :

A income statement, also known as a profit and loss statement, is:

a statement of financial condition prepared at the end of a set period of time that lists a company’s assets, liabilities, and owners’ equity.

a statement that tracks a company’s revenue and expenses over any given period.

a statement that articulates the retained earnings/loss of the sport business (i.e. net worth) and what percentage is provided to investors via dividends.

a statement that shows the movement of an organization’s most important asset (cash) in and out of the business.

Question 4. Question :

The budget for a month’s sales in a gym is 500 memberships at $100 each. Actual sales are 550 memberships at $90 each. How would this best be reported in a monthly budget report?

favorable membership sales

adverse selling prices

less money than we were expecting

all of the above

Question 5. Question :

Which of the following is not a profitability ratio?

Return on assets

Return on liabilities

Return on equity

Return on investment

?

Question 6. Question :

A budget is:

the goals of a business expressed in financial terms.

a plan that itemizes and forecasts expected revenues and expenses for a given period in the future.

the major operating document utilized by sport business professionals to manage the financial aspects of the business.

all of the above.

Question 7. Question :

Financial accounting involves:

the classification and recording of monetary transactions of an entity.

the process of identification, measurement, accumulation, analysis, preparation, interpretation and communication of information.

the logical and strategic supervision and managing of the most important asset within an organization who are the employees.

the acquisition, sharing, and use of intelligence, understanding, and expertise within a sport organization to aid in the accomplishment of tasks, processes, and operations.

Question 8. Question :

The budgeting process helps to address which of the following questions?

Where are we now in financial terms?

What are we trying to achieve in financial terms?

How are we going to achieve our goals in financial terms?

All of the above

Question 9. Question :

Which of the following are financial statements?

Profit and Loss Account

Annual Report

Cash Flow Statement

All of the above

Question 10. Question :

Which of the following statements is true regarding financial fundamentals?

Managerial accounting data is used by sport facility managers to explain the in-house financial performance of the business and to diagnose the financial health of the organization.

Financial accounting data from ratios help managers plan their operations to achieve a desired outcome.

The direct link between financial accounting and management accounting is the foundation of financial management.

All of the above are true.

Our website has a team of professional writers who can help you write any of your homework. They will write your papers from scratch. We also have a team of editors just to make sure all papers are of HIGH QUALITY & PLAGIARISM FREE. To make an Order you only need to click Ask A Question and we will direct you to our Order Page at WriteDemy. Then fill Our Order Form with all your assignment instructions. Select your deadline and pay for your paper. You will get it few hours before your set deadline.