1.According to the Week 5 lecture, why do most businesses fail within the first few years?
2.If an Accounts Receivable account is not eventually converted into cash, what happens to the amount of money in the account after a pre-determined period of time?
3.It's possible to make a lot of sales, pay minimal expense, and still go bankrupt. True or False?
4.Most businesses practice Accrual Base or Cash Base Accounting?
5.What is the first step when reconciling your cash account/bank statement?
6.What is the second when reconciling your cash account/bank statement?
7.What is the third step when reconciling your cash account/bank statement?
8.What is thefourth step when reconciling your cash account/bank statement?
9.How often should a reconciliation of the cash account occur?
10. If a client writes the company a bad check to pay for services/products, and you charge them an administrative fee to make sure the amount eventually gets paid. What type of account is credited?
11.According to the Week 6 lecture, how can a business increase sales of the company?
12.What kind of a fee do you have to pay if you accept credit cards?
13.What term is used to describe the value of a company has through its reputation?
14.Would goodwill be considered a tangible or an intangible asset?
15.What is the equivalent of depreciation for an intangible asset?
16.What is the equivalent of depreciation for a natural resource
17.What are the three items needed to calculate depreciation?
18.A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years. Using the straight-line depreciation method, how much is depreciated per year for the next 4 years?
19.A piece of equipment is purchased for $10,000, has a salvage value of $2,000, and an estimated useful life of 4 years. Using the double-declining balance method, how much is depreciated per year for the next 2 years?