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MTLE Business: Taxation & Financial Calculations Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which is a reason why someone would use a savings account?

Question 2 2. On which financial statement are expenses reported?

Question 3 3. What is the cost of moving merchandise from one place to another called?

Question 4 4. Looking at the graph below, which of the following statements is NOT true?

Question 5 5. What is a table (in mathematics)?

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Question 6 6. A car cost $40,000 to purchase. It has a life of 10 years. Using the double declining balance depreciation method, what is the value of the car after the second year?

Question 7 7. Which rule describes how you come to understand what a chart means and how to use it effectively?

Question 8 8. A photocopier has a value of $2,000 and a life of 5 years. What is the percentage depreciation each year using the double declining balance method?

Question 9 9. In the formula to calculate net present value, what information do you need to have?

Question 10 10. Which of the following accounting terms is a discount given by a merchant to a supplier for paying invoices on time?

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Question 11 11. Which of the following principles refers to recording the expenses and revenues of a product during the same accounting period?

Question 12 12. A customer pays cash for a custom computer at the time of sale. Which of the following accounts is debited?

Question 13 13. A camera with a value of $20,000 has a life expectancy of 20 years. What is the percentage each year that you can take using the straight-line depreciation method?

Question 14 14. Depletion cost per unit times the number of units extracted during a period, is the formula to calculate what?

Question 15 15. In investment analysis, what is the minimum payback period that should be accepted for an investment to be considered a good investment?

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Question 16 16. When may a purchase requisition be required?

Question 17 17. Why is a purchase requisition compared to an invoice?

Question 18 18. Why are savings accounts not the best choice for long-term investments?

Question 19 19. What is the accounting equation?

Question 20 20. Why do older people put their money in savings accounts?

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Question 21 21. Which level of government relies mainly on property taxes?

Question 22 22. Why doesn't the Balance Sheet utilize all of a company's accounts that are listed on the Adjusted Trial Balance?

Question 23 23. What kind of table or graph would be used to show population growth?

Question 24 24. Which of the following is a feature of the federal income tax in the United States?

Question 25 25. A single-serve coffee machine worth $30,000 can make 60,000 cups of coffee in its life. Using the units of production depreciation method, what is the depreciation for the year where 5,000 cups of coffee were made?

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Question 26 26. What is the goal of the Balance Sheet?

Question 27 27. What percent of the Medicare and social security does an employer pay?

Question 28 28. Which of the following is considered a savings account?

Question 29 29. Which one is not a natural resource?

Question 30 30. What two terms are used to describe costs that may or may not vary with production volume?

MTLE Business: Taxation & Financial Calculations Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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