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Accounting and Finance Fundamentals Quiz

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Accounting and Finance Fundamentals Quiz

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Questions and Answers

What is the primary purpose of an income statement?

To show the company's undistributed profits

To report the company's financial position at a specific date

To show the company's operating, investing, and financing activities during a period of time

To report the results of a company's business operations during a specific period of time (correct)

Which of the following is NOT a function of a financial manager?

Managing a company's working capital

Preparing the company's annual tax returns (correct)

Taking investment decisions

Determining how much of earnings to be distributed as dividends

What is the purpose of the statement of cash flows?

To report the company's financial position at a specific date

To show the company's undistributed profits

To report the results of a company's business operations during a specific period of time

To show the company's operating, investing, and financing activities during a period of time (correct)

Which of the following is an example of an intangible asset?

Goodwill (A) Signup and view all the answers

What is a Ponzi scheme?

An investment fraud that pays existing investors with funds collected from new investors (C) Signup and view all the answers

What is the primary purpose of finance?

To manage money and make decisions about spending, saving, and investing (D) Signup and view all the answers

What are the key suppliers and demanders of funds in financial institutions?

Individuals, business firms, and government (B) Signup and view all the answers

What is the main function of commercial banks in the financial system?

Provide savers with a secure place to invest and offer loans to borrowers (C) Signup and view all the answers

How do financial institutions interact with suppliers and demanders of funds?

Loans and investments are made without direct knowledge of the suppliers (A) Signup and view all the answers

What is the primary role of investment banks and insurance companies in the financial market?

Assist companies in raising capital and provide advice on major transactions (B) Signup and view all the answers

In which country are there around 39 commercial banks that accept deposits and issue CDs?

Egypt (D) Signup and view all the answers

What distinguishes indirect finance from direct finance in obtaining funds?

In indirect finance, the supplier of funds is unaware of who receives the funds (B) Signup and view all the answers