29 Jun Question lesson 1 1. Which of the following would
Question
lesson 1
1. Which of the following would result in a decrease in cash flow
and a use of cash?
A. A decrease in notes payable
B. An increase in long-term debt
C. A decrease in inventory
D. A decrease in common stock
2. In the United States, for the 2007 tax year, federal corporate
income tax rates never exceeded an average rate of
A. 15%. C. 39%.
B. 35%. D. 34%.
3. A firm has assets of $60,000 and owners’ equity of $33,000.
Which of the following is the correct balance of the firm’s
liabilities?
A. $33,000 C. $93,000
B. $27,000 D. $60,000
4. Which of the following would result in an increase in cash flow and a source of cash?
A. A decrease in notes payable
B. A decrease in long-term debt
C. An increase in inventory
D. An increase in common stock
5. A firm has current assets of $10,000 and current liabilities of $7,000. Which of the
following is the correct net working capital for the firm?
A. $10,000 C. $3,000
B. $7,000 D. $13,000
6. If a firm has an accounts receivable balance of $18,800 at the end of 2007 and
$16,500 at the end of 2008, which of the following statements about accounts
receivable is correct?
A. Accounts receivable decreased by $2,300 and represented a use of cash.
B. Accounts receivable increased by $2,300 and represented a source of cash.
C. Accounts receivable decreased by $2,300 and represented a source of cash.
D. Accounts receivable increased by $2,300 and represented a use of cash.
7. If a firm has revenues of $15,090 and expenses of $8,850, what is the firm’s taxable
income?
A. $15,090 C. $6,240
B. $8,850 D. $23,940
8. Which of the following statements about the issuance of an initial public offering (IPO)
is correct?
A. IPOs may be either underpriced or overpriced.
B. IPOs are never overpriced.
C. IPOs are never underpriced.
D. IPOs are always correctly priced.
9. If a firm has revenues of $15,090, operating expenses of $8,850, and a tax expense
of $2,120, what is the firm’s net income?
A. $8,850 C. $6,240
B. $4,120 D. $8,360
10. When you’re preparing a common-sized balance sheet, which of the following
measures is set to equal 100 percent?
A. Total liabilities C. Total owners’ equity
b total assets d cash
11. Suppose that a corporation has a taxable income of $200,000. What is the firm’s
corporate income tax for the current tax year? (You can use the following table to
calculate the firm’s U.S. federal corporate tax.)
Taxable Income
More Than
Taxable Income
Less Than
Tax
Rate
$0 $50,000 15%
$50,001 $75,000 25%
$75,001 $100,000 34%
$100,001 $335,000 39%
$335,001 $10,000,000 34%
$10,000,001 $15,000,000 35%
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