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5.13: Multiple Choice

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    1.
    Which of the following is a measure of the performance of a firm’s daily operations?
    1. gross profit
    2. cost of goods sold
    3. operating income
    4. net income
    2.
    In which section of the classified balance sheet would you find a note payable due in six months?
    1. current assets
    2. current liabilities
    3. noncurrent liabilities
    4. common stock
    3.
    Which financial statement must be prepared first?
    1. statement of retained earnings
    2. balance sheet
    3. statement of cash flows
    4. income statement
    4.
    Which of the following represents earned capital on the statement of owner’s equity?
    1. retained earnings
    2. common stock
    3. preferred stock
    4. additional paid-in capital
    5.
    Which section of the statement of cash flows reflects the cash generated from or used by a company’s day-to-day operations?
    1. investing activities
    2. financing activities
    3. operating activities
    4. noncash activities
    6.
    How do you calculate free cash flow (FCF)?
    1. net income less dividends
    2. operating income less capital expenditures
    3. gross profit less depreciation
    4. net income plus interest
    7.
    How do you calculate common-size analysis on the income statement?
    1. income statement line item/gross profit
    2. income statement line item/net income
    3. net sales/income statement line item
    4. income statement line item/net sales
    8.
    Which of the following does not represent a filing commonly required by the SEC?
    1. annual report, 10-K
    2. quarterly report, 10-Q
    3. Form 8-K
    4. 1040

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