Read 'Chapter 0: Course Material' & answer the following question(s): |

1. | Financial statements do NOT include: |

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2. | The expression double-entry system is |

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3. | Current assets do NOT include: |

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4. | Revenue listed on the income statement does NOT include: |

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5. | The net worth figure is useful when: |

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6. | When making comparisons, it is customary to convert income statement data to: |

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7. | A balance sheet must show figures: |

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8. | The processes and procedures used to record measures of dollars and cents, according to categories, are called: |

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9. | Another name for the income statement is the: |

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10. | Most businesses recognize revenues and expenses, using the ________________ method of accounting |

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11. | Which of the following is NOT on an individualâ€™s income statement? |

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12. | The basic financial statements include a |

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13. | For most businesses, the current ratio should be ______________. |

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14. | The values shown for assets such as real estate and equipment will be recorded at. |

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15. | Four sales representatives employed by Blue Carpet Realty earned $2120; $1865; $2863; and $2175 during the past month. What was the average of their monthly earnings? |

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16. | The Lawsonâ€™s wanted to insure their house for $275,000. The insurance company charges an annual premium rate of 33 1/3 cents per $100 insurance for this type policy. How much is their annual premium? |

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17. | Last year a family paid $26,500 for house payments. If this is 30% of the family's annual income, how much was the annual income? |

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18. | A farm sold 64 acres of a 480-acre farm. Express as a fraction what part of the farm sold. |

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19. | John bought three tracts of land: 3/4 acre, 7/15 acre, and acre. How many acres did he purchase? |

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20. | A property grosses $42,000 per month with a yearly expense of 36% of the gross income. If it was capitalized at 16%, what would be its value? (nearest thousand) |

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21. | A property listed for $90,000 was insured at a rate of $3.00 per $1,000 per year. What is the yearly insurance premium? |

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22. | The area of a square plot of property is 3,600 square yards. How long is the side of the square plot? |

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23. | At a cost of $3 a square foot how much money is paid for carpeting a square with a side of 15 feet? |

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24. | The width of a swimming pool is 25.5 feet wide, and the length is twice as much. What is the area of this swimming pool? |

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25. | Compute the exact interest due on a loan of $80,000 at 10.5% for 120 days. |

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26. | Compute the exact interest due on a loan of $2,100 at 8.25% from June 18 to September 1 |

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27. | Assume that it would cost $330 in interest to use a sum of money for 18 months. If the interest rate was 11 percent, how much is the loan? |

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28. | Find the area of a square lot that has a side of 60.1 yards. |

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29. | A circular shaped lot has a radius of 100 ft. What is the area of this property? (use pi = 3.14) |

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30. | An office building is valued at $800,000 when net operating income is capitalized at a rate of 20%. If operating expenses are 40% of gross income, what is gross income? |

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