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Wage and Expense Record-Keeping Quiz for SAE Students

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Wage and Expense Record-Keeping Quiz for SAE Students

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Questions and Answers

Which of the following is NOT a reason for keeping accurate records on an SAE program?

Financial analysis of the enterprise for cash-flow and management decisions
Evidence needed for FFA awards and degree programs (correct)
Improvement of student money-management skills
Ability to see financial progress over several years

What is one of the key skills learned through record-keeping in SAE programs?

Communication skills
Financial planning skills (correct)
Leadership skills
Mechanical skills

What is the purpose of keeping records on an SAE program?

To calculate depreciation
To determine if the enterprise is profitable (correct)
To track inventory levels
To assess student's academic performance

Which of the following is NOT a component of a complete record-keeping system?

Profit-and-loss statements (D) Signup and view all the answers

What is the purpose of maintaining accurate records in an SAE program?

To plan for diversification (C) Signup and view all the answers

What is the recommended frequency for record-keeping?

Daily (A) Signup and view all the answers

What is the purpose of completing a balance sheet?

To determine net worth (C) Signup and view all the answers

Which of the following is NOT a purpose of maintaining an accurate record of expenses?

To track all aspects of producing the crops and animals (B) Signup and view all the answers

What is a profit-and-loss statement used for?

To show how much money the business made or lost (B) Signup and view all the answers

What are accounts payable/receivable records used for?

To keep track of short-term expenses or income (A) Signup and view all the answers

When should a record book for an SAE program be started?

At the beginning of the calendar year (A) Signup and view all the answers

Which of the following is a component of a complete record system in an SAE program?

All of the above (D) Signup and view all the answers

When should inventories be taken in an SAE program?

Both at the start and end of the project year (A) Signup and view all the answers

What is the purpose of a depreciation schedule in record-keeping?

To identify capital items (D) Signup and view all the answers

How is net worth calculated on a balance sheet?

Total assets - total liabilities (A) Signup and view all the answers