Question and answer
_____ is a technique used by managerial accountants to assign product costs based on links between activities that drive costs and the production of specific products.
Question 1 5 out of 5 points Small businesses generate about _____ of the U.S. gross domestic product. Answer Selected Answer: 50 percent Correct Answer: 50 percent Question 2 5 out of 5 points One characteristic many successful entrepreneurs share includes: Answer Selected Answer: vision. Correct Answer: vision. Question 3 0 out of 5 points Entrepreneurs with a strong internal
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Asked 8/26/2012 8:32:55 PM
Updated 11/18/2012 6:22:51 PM
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Question 1
5 out of 5 points

Small businesses generate about _____ of the U.S. gross domestic product.
Answer
Selected Answer: 50 percent
Correct Answer: 50 percent
Question 2
5 out of 5 points

One characteristic many successful entrepreneurs share includes:
Answer
Selected Answer: vision.
Correct Answer: vision.
Question 3
0 out of 5 points

Entrepreneurs with a strong internal locus of control tend to:
Answer
Selected Answer: be unwilling to accept personal responsibility for their actions.
Correct Answer: feel that the success or failure of their companies are largely the result of their own actions and decisions.
Question 4
5 out of 5 points

People with a(n) _____ have a strong sense of personal responsibility for what happens in their lives.
Answer
Selected Answer: internal locus of control
Correct Answer: internal locus of control
Question 5
5 out of 5 points

For research purposes, the Small Business Administration (SBA) defines small business as companies with up to _____ employees.
Answer
Selected Answer: 500
Correct Answer: 500
Question 6
5 out of 5 points

_____are small segments within a market that can offer profit potential to entrepreneurs who know how to serve them.
Answer
Selected Answer: Market niches
Correct Answer: Market niches
Question 7
0 out of 5 points

The majority of new small business owners rely heavily on _____ to finance their start-ups.
Answer
Selected Answer: loans from commercial banks
Correct Answer: personal sources, including family, friends, and credit cards
Question 8
0 out of 5 points

_____ provide funds to small businesses with high growth potential in exchange for a share of ownership in the company.
Answer
Selected Answer: Small Business Development Centers
Correct Answer: Venture capitalists
Question 9
5 out of 5 points

Over the last decade, small business created _____ of net new jobs in the United States.
Answer
Selected Answer: 60-80 percent
Correct Answer: 60-80 percent
Question 10
0 out of 5 points

The _____ is supported by the Small Business Administration and provides comprehensive counseling for small businesses.
Answer
Selected Answer: Entrepreneurial Services Council
Correct Answer: Service Corps for Retired Executives
Question 11
0 out of 5 points

The auditor’s _____ indicate(s) whether the firm’s financial statements are prepared and presented in a way that is likely to fairly represent the firm’s financial condition.
Answer
Selected Answer: letter to the CEO
Correct Answer: opinion
Question 12
5 out of 5 points

The _____ budget deals with the firm’s plans for investing in major fixed assets and long-term projects
Answer
Selected Answer: capital
Correct Answer: capital
Question 13
5 out of 5 points

_____ is a system for recognizing, recording, organizing, summarizing, analyzing, and reporting information about the financial transactions that affect an organization.
Answer
Selected Answer: Accounting
Correct Answer: Accounting
Question 14
5 out of 5 points

_____ is/are the claims owners have against the firm’s assets.
Answer
Selected Answer: Owners’ equity
Correct Answer: Owners’ equity
Question 15
0 out of 5 points

Managerial accounting serves the needs of a firm’s _____.
Answer
Selected Answer: suppliers
Correct Answer: managers
Question 16
0 out of 5 points

The major output of financial accounting is a set of statements including the:
Answer
Selected Answer: general journal, cash budget, and capital budget.
Correct Answer: balance sheet, income statement, and statement of cash flows.
Question 17
0 out of 5 points

According to the _____ method of accounting, revenues are recognized when they are earned and payment is reasonably assured
Answer
Selected Answer: managerial
Correct Answer: accrual
Question 18
0 out of 5 points

The _____ budget brings together all of the firm’s budgeting documents to provide a unified plan for the a specific budget period.
Answer
Selected Answer: operating
Correct Answer: master
Question 19
5 out of 5 points

An auditor issuing a(n) _____ has uncovered serious and widespread problems with the preparation of a firm’s financial statements.
Answer
Selected Answer: adverse opinion
Correct Answer: adverse opinion
Question 20
5 out of 5 points

_____ is a technique used by managerial accountants to assign product costs based on links between activities that drive costs and the production of specific products.
Answer
Selected Answer: Activity-based costing
Correct Answer: Activity-based costing
Sunday, November 18, 2012 8:17:28 PM EST
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Added 11/18/2012 6:22:27 PM
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Answers for the whole test. I tried weegy and I got a few answers wrong
Added 11/18/2012 6:23:21 PM
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