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Sorry!Back to GameTry AgainBack to GameDAILY DOUBLE!DAILY DOUBLE!(Click Here)Wager Your Bet Now!(Who ever answered the last question correctly)To prepare a budget, a business must be able to identify and predict the amount of each source of income and each type of expense.True & False For 10 PointsFalseTrueBack to GameCongratulations!Back to GameAn accounts receivable record identifies the companies from which credit purchases were made and the amount purchased, paid, and owed.True & False FOR 20 PointsFalseTrueBack to GameSales and profits for a specific period are reported in a companys income statement.True & False For 30 PointsFalseTrueAssets Liabilities = Owners Equity.True & False For 40 PointsFalseTrueBack to GamePayroll taxes consist of income taxes, Social Security, Medicare, and unemployment taxes.True & False For 50 PointsFalseTrueBack to GameThe companys liabilities divided by the owners equity is the current ratio.True & False For 10 PointsBack to GameFalseTrueWhich type of financial records identify the amount assets have decreased in value due to their age and use?Multiple Choice For 10 Pointscash recordsdepreciation recordsasset recordsaccounts payable recordsBack to GameThe costs of operating a business are called ____________________.Back to GameFill-In The Blank For 10 PointsbalanceAssetexpensespayroll budget InventoryCurrentselfdirectdiscrepancyIn simple terms, ____ are what a company owns.Multiple Choice For 20 Pointsowners equityprofitsassetsrevenuesBack to Gameowners equityprofitsassetsrevenuesWhich of the following would NOT be considered a benefit?Multiple Choice For 20 Pointspaid vacationhealth insuranceunpaid vacationa salaryBack to GameA detailed plan for a businesss financial needs is called a(n) ____________________.Back to GameFill-In The Blank For 20 PointsbalanceAssetexpensespayroll budget InventoryCurrentselfdirectdiscrepancyFor long-established businesses, the main source of budget information isMultiple Choice For 30 Pointsthe Small Business Administration.the Internet.business magazines and newspapers.the businesss financial records.Back to GameWhich of the following is NOT generally a goal of a business budget?Multiple Choice For 40 Pointsto convince employees to take a big pay cut so the business can avoid bankruptcyto reward investors if there is a profitto determine how income will be distributed to cover expensesto determine the sources and amounts of incomeBack to GameAn operating budget is usually planned forMultiple Choice For 50 Pointsone year.six months.three months.all of the above time frames.Back to GameWhich of the following is NOT a long-term asset?Multiple Choice For 30 PointsbuildingsinventorylandequipmentBack to GameEmployers must make matching contributions toMultiple Choice For 30 PointsFICA taxes.unemployment taxes.income taxes.all of the aboveBack to GameA company reports its assets, liabilities, owners equity, and net profit on the ____________________ sheet.Back to GameFill-In The Blank For 30 PointsbalanceAssetexpensespayroll budget InventoryCurrentselfdirectdiscrepancyTotal Revenue Total Expenses =Multiple Choice For 40 PointsLiabilities.Owners Equity.Assets.Net Income.Back to GameMost businesses include a(n) ____ with the employees paycheck; this document usually includes information for the current pay period as well as the cumulative amounts for the year.Multiple Choice For 40 Pointspayroll recordfinancial reportearnings reportincome statementBack to GameProprietors must pay ____________________-employment taxes, which are contributions to Medicare and Social Security.Back to GameFill-In The Blank For 40 PointsbalanceAssetexpensespayroll budget InventoryCurrentselfdirectdiscrepancyAll of the following would be considered expenses EXCEPTMultiple Choice For 50 Pointspurchases of supplies.interest earned on investments.wages paid to employees.taxes.Back to GameThe final step in the financial decision-making process is toMultiple Choice For 50 Pointsexamine the budget for discrepancies.make needed adjustments to the budget.prepare a budget.check to see if income and expenses are meeting budgeted amounts.Back to GameWith ____________________ deposit, an employer transfers net pay electronically into an employees bank account.Back to GameFill-In The Blank For 50 PointsbalanceAssetexpensespayroll budget InventoryCurrentselfdirectdiscrepancyWhich of the following is NOT a common way businesses pay employees?Multiple Choice For 10 Pointsbi-weeklymonthlyyearlyweeklyBack to Game