QUESTION 8

1. What is "return on sales?"

   	A.	occurs when revenues exceed expenses
   	B.	a firm's net sales less the cost of good sold
   	C.	all business costs other than the cost of goods sold
   	D.	financial ratio calculated by dividing net income after taxes by net sales

10 points

QUESTION 9

1. Which statement is not true about a balance sheet?

   	A.	It gives the liabilities of the firm.
   	B.	It lists the current, fixed, and intangible assets.
   	C.	It summarizes the firm's revenues and expenses during one account period.
   	D.	it provides proof that Assets = Liabilities + Owners' equity.

10 points

QUESTION 10

1. What is a double-entry bookkeeping system?

   	A.	Examination of company's financial statements and accounting practices.
   	B.	Each financial transaction is recorded as two separate accounting entries to maintain the balance of the accounting equation.
   	C.	Guidelines and practices for companies reporting financial information and for the accounting profession.
   	D.	Report distributed to stockholders and other interested parties that describe a firm's operating activities and its financial condition

10 points

QUESTION 11

1. What are five areas of management that many firms are organized into?