Kaplan University AC 499 Quiz 1 (Graded)

| July 29, 2018

Grade Details – All Questions 1. Question : Which of the following are business stakeholders? Student Answer: Stockholders Suppliers Customers All of these 2. Question : Shares of ownership are evidenced by issuing Student Answer: bonds payable. commercial paper. shares of stock. notes payable. 3. Question : More than 70% of businesses are organized as what type of business? Student Answer: Community Not-for-profit Corporation General Partnership Sole proprietorship 4. Question : What is the main objective of most business organizations? Student Answer: To provide a public service To maximize profits To provide a benefit to society To manufacture a quality product 5. Question : Which of the following would NOT be an example of a merchandising business? Student Answer: General Motors Company A local grocery store Books-a-Million Dunkin Donuts 6. Question : When a product is sold, this cost is often called Student Answer: cost of goods sold. revenue. products. retained earnings. 7. Question : The following are examples of internal stakeholders EXCEPT: Student Answer: managers. creditors. employees. All of these are internal stakeholders. 8. Question : An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a Student Answer: proprietorship. corporation. partnership. governmental unit. 9. Question : The role of accounting in business is best defined as Student Answer: an information system that provides reports to stakeholders about the economic activities and condition of a business. a method of forecasting the future profitability of a company. the policies, procedures, and strategies used in a business. transaction analysis. 10. Question : Rights to payments from customers are Student Answer: liabilities. prepaid expenses. accounts receivable. accounts payable. 1. Question : Which of the items below is NOT a business organization form? Student Answer: Farming Co-operative Sole-Proprietorship Limited Partnership S-Corporation 2. Question : Which of the following is NOT a characteristic of a corporation? Student Answer: Corporations are organized as a separate legal taxable entity. Ownership is divided into shares of stock. Corporations experience an ease in obtaining large amounts of resources by issuing stock. A corporation is a “Pass-through” Entity. 3. Question : An entity that is organized according to state or federal statutes and in which ownership is divided into shares of stock is a Student Answer: proprietorship. corporation. partnership. governmental unit. 4. Question : Budget Inn Motel is an example of a business using which of the following? Student Answer: Low-cost emphasis Combination emphasis Differentiation strategy Premium-price emphasis 5. Question : Which of the following is NOT an example of internal stakeholder? Student Answer: managers. creditors. employees. All of these are internal stakeholders. 6. Question : Who has last preference to assets in case a business fails? Student Answer: Stockholders Long-term creditors Customers Employees 7. Question : When a business lends money, it has a(n) Student Answer: tax. liability. receivable. additional equity. 8. Question : What type of account is Cost of Good Sold? Student Answer: expense. revenue. products. retained earnings. 9. Question : Which of the following is an example of an intangible asset? Student Answer: Goodwill Cash Land Equipment 10. Question : Amounts due to vendors are Student Answer: liabilities (Accounts Payable). prepaid expenses. accounts receivable. accounts payable.

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