Multiple-Choice Questions 1. A profit-making business ope rating as a separate l

Question

Multiple-Choice Questions 1. A profit-making business ope rating as a separate legal entity and in which ownership is divided into shares of stock is known as a: A. proprietorship. B. service business C. partnership D. corporation. 2· The resources owned by a business are called: A. assets B. liabilities. C. retained earnings D. common stock 3. A listing of a business entity's assets, liabilities, and stockholders' equity as of a specific date is a(n): A. balance sheet B. income statement C. D. statement of cash flows retained earnings statement 4. If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in stockholders' equity for that period is a(n) A. $32,000 increase B. $32,000 decrease C. $8,000 increase D. $8,000 decrease 5. If revenue was $45,000, expenses were $37,500, and dividends were $10,000, the amount of net income or net loss would be: A. $45,000 net income B $7,500 net income C. $37,500 net loss D. $2,500 net loss Answers provided after Problem. Need more practice? Find additional multiple-choice questions, exercises, and problems in CengageNOWv2

Explanation / Answer

1. (C) Corporation

2. (A) Assets

3. (A) Balance Sheet

4. (C) $8000 Increase

5. (B) $7500 Net Profit

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