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UPDATED 2024/2025 MBA ETS MAJOR FIELD TEST QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED CA$26.08   Add to cart
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UPDATED 2024/2025 MBA ETS MAJOR FIELD TEST QUESTIONS WITH CORRECT ANSWERS ALREADY PASSED AND VERIFIED
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Balance Sheet - CORRECT ANSWER a financial statement that reports a company's assets, liabilities, and shareholder equity at a specific point in time; Assets = Liabilities + Shareholder's Equity Income Statement - CORRECT ANSWER AKA profit and loss statement; primarily focuses on the c...

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  • April 30, 2024
  • 13
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • mba ets major field test
  • mba ets major field test 2024 210 questions with c
  • mba ets major field test 2024
  • balance sheet correct answer a financial s
  • updated mba ets major field test questio

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MBA ETS MAJOR FIELD TEST 2024 210 QUESTIONS
WITH CORRECT ANSWERS ALREADY PASSED AND
VERIFIED
Balance Sheet - CORRECT ANSWER a financial statement that reports a company's

assets, liabilities, and shareholder equity at a specific point in time; Assets = Liabilities +

Shareholder's Equity

Income Statement - CORRECT ANSWER AKA profit and loss statement; primarily

focuses on the company's revenues and expenses during a particular period;

Net Income = (Total Revenue + Gains) - (Total Expenses + Losses)

Statement of Retained Earnings - CORRECT ANSWER AKA Statement of Equity;

outlines the changes in retained earnings for a company over a specified period;

Retained Earnings - CORRECT ANSWER profits held by a company in reserve in

order to invest in future projects rather than distribute as dividends to shareholders

Statement of Cash Flows - CORRECT ANSWER summarizes the amount of cash and

cash equivalents entering and leaving a company; includes operating, investing, and

financing activities

cash flow - CORRECT ANSWER $$$ that goes in/out of a business

profit - CORRECT ANSWER $$$ leftover after Revenues - Expenses

cash from operating activities - CORRECT ANSWER receipts from sales of

goods/services, interest payments, income tax payments, salaries/wages, rent

ALSO depreciation, inventory, accts receivable, payable

,MBA ETS MAJOR FIELD TEST 2024 210 QUESTIONS
WITH CORRECT ANSWERS ALREADY PASSED AND
VERIFIED
cash from investing activities - CORRECT ANSWER changes in equipment, assets,

or investments

cash from financing activities - CORRECT ANSWER cash from investors/banks,

dividends, repayment of debt,

Direct Cash Flow Method - CORRECT ANSWER determines changes in cash

receipts and payments, which are reported in the cash flow from the operations section.

Indirect Cash Flow Method - CORRECT ANSWER takes the net income generated

in a period and adds or subtracts changes in the asset and liability accounts to determine

the implied cash flow

liquidity - CORRECT ANSWER the ease with which an asset, or security, can be

converted into ready cash without affecting its market price; cash is the most liquid of

assets

Accrual Basis Accounting - CORRECT ANSWER revenue or expenses are recorded

when a transaction occurs; follows the matching principle, which says that revenues and

expenses should be recognized in the same period

Cash Accounting - CORRECT ANSWER recognizes transactions only when

payment is exchanged.

capital stock - CORRECT ANSWER amount of common and preferred shares that a

company is authorized to issue, recorded on the balance sheet under shareholders' equity;

,MBA ETS MAJOR FIELD TEST 2024 210 QUESTIONS
WITH CORRECT ANSWERS ALREADY PASSED AND
VERIFIED
amount of capital stock is the maximum amount of shares that a company can ever have

outstanding

asset - CORRECT ANSWER resource with economic value that an individual,

corporation or country owns or controls with the expectation that it will provide future

benefit.

current assets - CORRECT ANSWER all the assets of a company that are expected to

be sold/used as a result of standard biz ops over the next year;

includes cash/cash equivalents, accts receivable, inventory, prepaid expenses, marketable

securities

non current assets - CORRECT ANSWER long-term investments not easily

converted to cash or are not expected to become cash within the year; includes

investments, intellectual property, real estate, and equipment

Theory of Constraints - CORRECT ANSWER every process/op is a series of

activities, and there is a WEAK LINK (aka bottleneck) that hinders output

Special Order Decisions - CORRECT ANSWER focus on whether a specially priced

order should be accepted or rejected; fixed costs excluded from special orders

make or buy decisions - CORRECT ANSWER whether or not to manufacture a

product in house or purchase it from 3rd party

, MBA ETS MAJOR FIELD TEST 2024 210 QUESTIONS
WITH CORRECT ANSWERS ALREADY PASSED AND
VERIFIED
transfer pricing - CORRECT ANSWER allows for estab. of prices for goods/services

exchanged btwn legal entities of the same group

sell or process further decision - CORRECT ANSWER choice of selling a product

now or processing it further to earn more revenue

forecasting - CORRECT ANSWER using current and historic cost data to predict

future costs

cash budget - CORRECT ANSWER estimates cash inflows/outflows over a specific

period of time

variance analysis - CORRECT ANSWER study of deviations of actual behavior vs.

forecasted behavior and how it affects biz performance

cost behavior - CORRECT ANSWER the ways in which costs react to changes in biz

activity

variable costs - CORRECT ANSWER costs that vary with the quantity of output

produced; include direct labor costs, costs of raw materials used, utility costs

fixed costs - CORRECT ANSWER Costs that DO NOT vary with the quantity of

output produced; includes interest payments, rent, salaries

break-even analysis - CORRECT ANSWER tells you how many units of a product

must be sold to cover the fixed and variable costs of production

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