1. Dr. Minn is selling her physical therapy practice after owning the practice for 20 years. Dr. Linn is going to buy the radiology practice at a higher price because Dr. Minn has over 500 patients and the patients will continue to do business with the practice. Which type of asset is this transaction?

   a. Current asset

   b. Short-term investment

   c. Non-current asset

   d. Capital asset

2. Finley Dibio's position at the hospital is to report the current and non-current assets of each department. These reports are essential in determining the needs of each department. Which of the following will Finley not report as a current asset?

   a. Cash

   b. Prepaid expenses

   c. Supplies

   d. Building

3. Which of the following items will not depreciate over time?

   a. Computers

   b. Office telephone

   c. Medical equipment

   
   

   d. Furniture

4. Dr. Juan is a sole proprietor of her dental practice, Beauty Is in the Teeth Dentistry. She is preparing her end of year balance sheet to determine her total liabilities. The following are the liabilities for the dental practice: a long-term debt with a current $100,000 net, $6,000 in accrued expenses, and $10,000 in accounts payable. Please select all assets that are considered current liabilities.

   a. $6,000 in accrued expenses

   b. $10,000 in accounts payable

   c. $100,000 long-term debt

5. The local healthcare center provides free checkup screenings, health assessments, and dental checkups for the community. The center receives approximately $100,000 in donations a year. Based on the legal structure of the healthcare center, what terminology will be used on the balance sheet?

   a. Net assets

   b. Owner's equity

   c. Capital stock

   d. Fund balance

6. Which of the following terms is a common term used for a corporation's net worth?

   a. Retained earnings

   b. Owner's equity

   c. Net assets

   
   

   d. Fund balance

7. Dr. Solop and Dr. Juang are partners who own Just Right Pharmacy, which is a pharmaceutical company with economical prices. At the end of the year, their total assets are $600,000 and their total liabilities are $320,000. Based on the legal structure of the company, what terminology will be used on the balance sheet?

   a. Capital stock

   b. Fund balance

   c. Owner's equity

   d. Net assets

8. Dr. Juan is a sole proprietor of her dental practice, Beauty is in the Teeth Dentistry. She is preparing her end of year balance sheet to determine her total assets. The following are the assets for the dental practice: $65,000 in cash equivalents, $200,000 from accounts receivables, $20,000 in short-term investments, $50,000 in furniture and dental equipment, and $20,000 in other assets. Please select all assets that are considered current assets.

   a. $50,000 in furniture and dental equipment

   b. $65,000 in cash equivalents

   c. $20,000 in other assets

   d. $200,000 from accounts receivables

   e. $20,000 in short-term investments