1) Net Working Capital can be described as:

Question 1 options: a. Fixed assets - accumulated depreciation

b. Total liabilities - current liabilities

c, Current assets - current liabilities

d. Total Equity - retained earnings

2) All of the following are true EXCEPT:

Question 2 options: a. Equity + Liabilities = Assets

b. Total liabilities & equity - equity - long term liabilities = current liabilities

c. Current assets - current liabilities = Net Working Capital

d. Assets=Liabilities - Equity

3) Which of the below is always a 'non-cash' expense?

Question 3 options: a. depreciation expense ib. ncome tax expense c. accumulated depreciation d. cost of goods sold

4)

Which of the below about corporate income taxes is true?

Question 4 options: a. Total tax liability / taxable income = marginal tax rate b. The marginal tax rate is the rate of tax paid on the next dollar of taxable income. c. The highest average tax rate paid by corporations is 39% d. The highest marginal tax rate is 39%, which is the rate paid on taxable incomes in excess of 18,333,333