quiz B-revised

# quiz B-revised - QUIZ B CLASS Student Number Student Name 1...

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QUIZ B CLASS: Student Number: Student Name: 1. Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are: A. Current assets. B. Current liabilities. C. Earned revenues. D. Operating cycle liabilities. E. Bills. 2. Sales taxes payable: A. Is an estimated liability. B. Is a contingent liability. C. Is a current liability for retailers. D. Is a business expense. E. Is a long-term liability. 3. On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of \$9,000. What is the maturity value of the note on March 1? A. \$9,000 B. \$9,100 C. \$9,150 D. \$9,200 E. \$9,300 \$9,000 x .10 x 120/360 = \$300 + \$9,000 = \$9,300 4. FUTA taxes are: A. Social Security taxes. B. Medicare taxes. C. Employee income taxes. D. Unemployment taxes. E. Employee deductions. 5. The board of directors of a corporation: A. Are elected by the corporate registrar. B. Are responsible for day-to-day operations of the business. C. Do not have the power to bind the corporation to contracts, due to lack of mutual agency. D. May not also be executive officers of the corporation, due to the separate entity principle. E. Are responsible for and have final authority for managing corporate activities.

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6. A company had a beginning balance in retained earnings of \$43,000. It had net income of \$6,000 and paid out cash dividends of \$5,625 in the current period. The ending balance in retained earnings equals: A. \$108,625. B. \$(12,625).
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quiz B-revised - QUIZ B CLASS Student Number Student Name 1...

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