What affects a bond's duration besides time to maturity? Coupon payments, yield, and frequency of payments The bond's credit rating Only the time to maturity The issuer's financial health

Coupon payments, yield, and frequency of payments

Which of the following is not considered a capital asset? _____ Stocks and bonds Inventory or property held for sale to customers Investment property Personal use property

Inventory or property held for sale to customers

Which items have special long-term capital gain rates? _____ Collectibles and some small business stock held more than a year Personal use property Stocks and bonds Investment property

Collectibles and some small business stock held more than a year

Which statement is true about a sole proprietorship regarding its legal and accounting entities? The owner and the business are neither separate legal nor accounting entities. The owner and the business are separate accounting entities but not separate legal entities. The owner and the business are separate legal entities but not separate accounting entities. The owner and the business are both separate legal and accounting entities.

The owner and the business are separate accounting entities but not separate legal entities.

In what order do items appear on the balance sheet? Common stock, assets, liabilities, and retained earnings Retained earnings, common stock, liabilities, and assets Liabilities, assets, retained earnings, and common stock Assets, liabilities, common stock, and retained earnings

Assets, liabilities, common stock, and retained earnings

What are the sources of financing for a company's economic resources? Cash flows and dividends Revenues and expenses Assets and liabilities Liabilities and stockholders' equity

Liabilities and stockholders' equity

What does the amount of insurance expense reported on the income statement describe? The total insurance premium paid during the year. The insurance policy's cash surrender value. The future insurance coverage expected. The amount of insurance used (incurred) in the current period to help generate revenue.

The amount of insurance used (incurred) in the current period to help generate revenue.

Under accrual-basis accounting, we record assets _____ at the end of the fiscal year when the asset is fully depreciated when cash is received at the time those resources are obtained

at the time those resources are obtained

Under accrual-basis accounting, we record liabilities _____ at the end of the fiscal year when the liability is settled at the time those obligations occur when cash is paid

at the time those obligations occur

Under accrual-basis accounting, we record revenues _____ when the invoice is sent at the end of the fiscal year when cash is received at the time goods and services are provided to customers

at the time goods and services are provided to customers

Under accrual-basis accounting, we record expenses _____ at the time costs are used in running the company when cash is paid when the invoice is received at the end of the fiscal year

at the time costs are used in running the company

Which statement best describes when expenses should be recorded when accrual-based accounting is used to record transactions? Expenses are recorded when paid. Expenses are recorded the day the company promises to pay its vendor or supplier. None of the above statements are true. Expenses are recorded when the cost is used in running the business.

Expenses are recorded when the cost is used in running the business.

Which of the following is a common mistake made when managing daily money needs? Paying off credit card balances monthly Creating a detailed budget Overspending due to impulse buying Investing in a diversified portfolio

Overspending due to impulse buying

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