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Test yourself

Here's a chance to test your Finance and Accounting knowledge. The questions here are a sampling of what you might find on the different evaluations in our Olsten Financial Staffing offices.

This on-line quiz is is strictly for your own enjoyment!

Your Name (for the hall of fame)

General

1-Information about the following topics would be considered confidential:
Brand of computer system
Communication devices
Daily receipts
Sales terms

Basic Bookkeeping

2-The primary purpose of the trial balance is to determine:
that all transactions have been entered into the journals
that the general ledger totals are in balance
the correctness of the amounts in the journals

3-The interest on a bank loan of $90,000 @ 6% for 6 months is:
$2,200
$2,700
$3,200

Financial Analysis

4-Managers use certain financial statements in analyzing a company's performance. These statements include all of the following EXCEPT:
Income Statement
Balance Sheets
Schedule of Cash Receipts
Statements of Cash Flows

5-Which of the following would be considered a current asset?
Equipment
Accounts Payable
Short-Term Investments
Capital Stock

6-An analysis of the Income Statement will provide all information needed to determine:
Gross Profit
Accounts Receivable Turnover
Current Rates
Inventory Turnover

Collections

7-A creditor is someone who ______.
pays off people's loans
is a good credit risk
is owed money
has reason to distrust a debtor

8-If a third party answers the telephone, the best thing to do is _____.
leave a message
lie about the reason you called
say that you are an attorney
say that your call is about personal business

Personal Tax

9-A taxpayer who is legally separated is the sole support of a parent who lives in a nursing home. The taxpayer should file as:
Single
Married Filing Separately
Head of Household
Joint

10-A landlord receives the first year's rent of $5,000, an advance payment of rent of $5,000 for the last year of a ten-year lease and a security deposit of $4,000. What income should the landlord report for the year?
$5,000
$9,000
$10,000
$14,000

11-A taxpayer incurred $300 as the cost of meals and entertainment on a business trip. The amount deductible is:
$300
$150
$60
0

Basic Accounting

12-Which financial statement shows the amount of sales?
Balance Sheet
Income Statement
Statement of Retained Earnings

13-Which of the following would NOT appear on the Income Statement?
Cash
Salaries
Advertising

14-An asset is purchased for $10,500 with no salvage value. It has a life of ten years. Using the Straight Line Method, what is the first year's depreciation?
$10,500
$1,500
$105
none of these