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Business Finance Test Questions

This document contains a business finance exam with multiple choice, true/false, matching, and essay questions. The questions cover topics such as financial statements, accounting terminology, capital structure, and the roles and responsibilities of corporate management positions. The exam tests the student's understanding of key financial concepts and the preparation of basic accounting documents.

Uploaded by

Eoin Ornido
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79 views2 pages

Business Finance Test Questions

This document contains a business finance exam with multiple choice, true/false, matching, and essay questions. The questions cover topics such as financial statements, accounting terminology, capital structure, and the roles and responsibilities of corporate management positions. The exam tests the student's understanding of key financial concepts and the preparation of basic accounting documents.

Uploaded by

Eoin Ornido
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COMMISSION ON DIOCESAN SCHOOLS

NOTRE DAME INSTITUTE


ARINGAY, LA UNION

BUSINESS FINANCE
1ST PERIODICAL EXAM

Name: _______________________ Section: ________________ Date: _______ Score:___________

I. Acronym – Please provide the meaning of the acronym. (5 pts)

1. IASB -
2. PPE -
3. SME -
4. URC -
5. OCI -

II. Matching Type: Match the answer by matching Column A with Column B. Anwer choices maybe repeated as
necessary. (15 pts)

Column A Column B

_____1. Setting policies on investments and dividends. A. VP for Sales and Marketing

_____2. Directing and coordinating company sales. B. VP for Production

_____3. Ensuring production meets customer demads. C. VP for Administration

_____4. Appointing members of the top management. D. VP for Finance

______5. Identifying production process . E. President

______6. Overseeing the operations of the company. F. Board of Directors

______7. Coming up with a production plan.

_____8. Approving company’s strategies, goals and budget.

_____9. Performing market and competitor analysis.

____10. Coordinating the functions of administration, finance and sales and marketing departments.

_____11. Representing the company in professional and social activities.

_____ 12.Assisting other deparments in hiring employees.

_____13. Performing all areas of management:planning, organizing, staffing, directing and controlling.

______14. Providing assistance in payroll preparation.

______15. Formulating marketing strategies and plans.

III. Sequencing: Financial Statement Preparation – On the space provided before the number, Please provide the
number in the process of preparing the financial statements. Start with step 1 and ending with step 9. (10 pts)

A. Post closing trial balance - (2 pts)


B. Preparing the unadjusted trial balance
C. Recording in the journal
D. Analyzing business transactions
E. Posting to ledger accounts
F. Making adusting entries
G. Preparing the financial statements
H. Preparing the adjusted trial balance
I. Making closing entries.
IV. Identification: Please give what is being asked. (10 pts)

Prepayment Post closing trial balance Income stament Allowance for uncollectible accounts

Accruals capital structure other comprehensive income Board of Director Statement of Financial Position
statement of Cash flow

_______1. These include unpaid salaries for the accounting period.

_______2. Prepaid expenses such as prepaid rent or prepaid insurance.

_______3. Bad debt expense from account receivable.

_______4. A new name for balanced sheet.

_______5. Highest policy making body in a corporation.

_______6. Transactions that are not reported in the profit or loss statement but affect the stockholders equity.

_______7. It depend largely on the nature of its business.

_______8. Provides an explanation regarding the change in cash balance from one accounting period to another.

_______9. It also know as statement of profit or loss.

______10. It is prepared to test of the debit balances equal the credit balances after closing entries are considered.

V. True or False. Write True if the statement is correct and False if the statement is incorrect. ( 5 pts)

______1. To minimize the probability of failure, short term investment have to be supported by capital budgeting.

______2. Three condition must exist before a company can declare cash dividend.

______3. Financial instruments are generally classified into two major categories.

______4. Shareholders wealth maximization should serve as the overriding objective of managing a company.

VI. Essay. ( 5pts)

Explain the importance of the basic financial statements.

““All our dreams can come true, if we have the courage to pursue them.” “All the adversity I've had in my life, all my
troubles and obstacles, have strengthened me… You may not realize it when it happens, but a kick in the teeth may
be the best thing in the world for you.” – Walt Disney

Prepared by:

Renel Ian A. Ornido

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