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1. A grid of rows and columns where you can enter words, amounts       formulas or references is called a:        A  statement of cash flows        B  income statement        C  balance sheet        D  spreadsheet 2. A document that reveals the results of operating the business       and how earnings were generated is called:        A  a balance sheet        B  an income statement        C  a spreadhseet        D  a statment of cash flows 3. A document that shows the position of the business, how the       accounts are summarized into various groupings and if the assets       equal the claims is called:        A  a balance sheet        B  an income statment        C  a spreadsheet        D  a statement of retained earnings 4. A certificate that represents an equity claim on the business is        A  a certificate of deposit        B  a bond        C  a common stock        D  an accounts payable 5. Things of value the company owns and uses to make the business operate are        A  equities        B  claims        C  assets        D  liabilities 6. The claim of a vendor on the assets of the business is called        A  a retained earning        B  a common stock        C  an account receivable        D  an account payable 7. An IOU from a customer is called        A  an account receivable        B  an account payable        C  a note payable        D  a retained earning 8. An account that shows how much a fixed asset as been used up is called        A  accumulated erosion        B  accumulated spoilage        C  accumulated depreciation        D  none of these 9. A system where every time a transaction is made two amounts are put       into the accounts is called        A  neither of these        B  either of these        C  total equality accounting        D  double entry accounting 10. The Net Income of a company that is not paid to the owners is called        A  retained earnings        B  common stock        C  acounts payable        D  none of these 11. A Long Term Debt has which quality?        A  specified repayment schedule with interest        B  over several years        C  all of these        D  money lent to the company 12. EBIT stands for        A  every bed is taken        B  earnings brings income and taxes        C  earnings brings interest and taxes        D  earnings before interest and taxes 13. Current Assets are        A  short-term assets        B  only related to electrical companies        C  assets where currency is involved        D  none of these 14. Which of the following is NOT a section of the Statement of Cash Flows        A  Financing        B  Producing        C  Investing        D  Operating 15. Which of the following is a type of Statement of Cash Flows?        A  neither of these        B  both of these        C  Indirect method        D  Direct method 16. The change listed in the Statement of Retained Earnings is:        A  dividends paid        B  net income        C  neither of these        D  both of these 17. The distribution of earnings to the stockholders are called        A  retained earnings        B  net income        C  dividends        D  capital surplus 18. Which of the following is NOT a part of Retained Earnings?        A  Income Tax Expense        B  Cost of Goods Sold        C  Accumulated Depreciation        D  Revenue 19. The Common Equity of the company is fond in the        A  common stock account        B  retained earnings account        C  neither of these        D  both of these 20. The reason the company exists is to make money for the owners is        A  Consumerism        B  Capitalism        C  Communism        D  Conservatism 21. The best way to be patient is to        A  Do something else in the mean time        B  Sit on your hands        C  Do accounting for a company        D  Put together financial statements 22. A murder mystery can be solved with a little        A  Capitalism        B  Patience        C  Information and Luck        D  Accounting 23. The Statement of Cash Flows shows        A  The change in the cash account        B  The change in retained earnings        C  The balances at the beginning of the year        D  The Balances at the end of the year 24. Liabilities and Equities are examples of        A  Assets        B  Claims        C  neither of these        D  both of these 25. In the Indirect Method all of the following are changes in Operating       Cash Flows EXCEPT        A  change in inventory        B  change in accounts receivable        C  change in accounts payable        D  change in dividends paid 26. If a company has a positive Net Income then        A  It must have a positive Operating Cash Flow        B  It must have a negative Operating Cash Flow        C  Neither of these        D  Either of these 27. If you wanted to know how well a company performed during the year you       would examine the        A  Income Statement        B  Balance Sheet        C  Spreadsheet        D  None of these 28. If you wanted to know what assets the company owned you would examine the        A  Income Statement        B  None of these        C  Spreadsheet        D  Balance Sheet 29. All revenues and expenses ultimately become part of the        A  cash account        B  retained earnings account        C  bank account        D  none of these 30. Subtracting the accumulated depreciation from the fixed assets account       results in        A  Net Total Assets        B  Net Owner's Equity        C  Net Fixed Assets        D  Net Receivables