FDA Knowledge Challenge Quiz

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Questions and Answers

What is the primary focus of the FDA's enforcement?

  • Federal Food, Drug, and Cosmetic Act (FD&C) (correct)
  • Regulation of lasers and cellular phones
  • Control of disease in household pets
  • Supervision of caffeine products

Who appoints the Commissioner of Food and Drugs?

  • The Secretary of Health and Human Services
  • The President (correct)
  • The FDA Board of Directors
  • The Senate

Where is the FDA's headquarters located?

  • Washington D.C.
  • Unincorporated White Oak, Maryland (correct)
  • New York City, New York
  • Los Angeles, California

What is NOT directly related to the FDA's regulatory-enforcement work?

<p>Supervision of caffeine products (C)</p> Signup and view all the answers

What does the FDA regulate in addition to food and drugs?

<p>Cosmetics (B)</p> Signup and view all the answers

What is the primary focus of financial statement analysis?

<p>To analyze a company's financial statements for decision-making purposes (B)</p> Signup and view all the answers

Which financial statements are required to be maintained by companies following GAAP?

<p>Balance sheet, income statement, and cash flow statement (C)</p> Signup and view all the answers

What type of accounting is required for public companies following GAAP?

<p>Accrual accounting (B)</p> Signup and view all the answers

What are the three important techniques commonly used as part of financial statement analysis?

<p>Horizontal analysis, vertical analysis, and ratio analysis (B)</p> Signup and view all the answers

What is the primary purpose of financial statement analysis for external stakeholders?

<p>To understand the overall health of an organization and evaluate financial performance (D)</p> Signup and view all the answers

Flashcards

FDA's enforcement focus?

Federal Food, Drug, and Cosmetic Act (FD&C)

Who appoints the FDA Commissioner?

The President

FDA headquarters location?

Unincorporated White Oak, Maryland

What isn't FDA-related?

Supervision of caffeine products

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What else does the FDA regulate?

Cosmetics

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Focus of financial statement analysis?

To analyze a company's financial statements for decision-making purposes

Signup and view all the flashcards

GAAP-required financial statements?

Balance sheet, income statement, and cash flow statement

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GAAP accounting for public companies?

Accrual accounting

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Techniques in financial statement analysis?

Horizontal analysis, vertical analysis, and ratio analysis

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Financial statement analysis for external stakeholders?

To understand the overall health of an organization and evaluate financial performance

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