NAB – Finance Exam Questions With Correct Answers A+
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Module
NAB
Institution
NAB
NAB – Finance Exam Questions With
Correct Answers A+
Participatory Budgets - AnswerED has supervisor prepare budgets for their own dept. Allows
participation and those to stay within budget b/c of their awareness.
Nonoperating Revenues include: - AnswerDonations, Interest Income, Borrowed Fun...
NAB – Finance Exam Questions With
Correct Answers A+
Participatory Budgets - Answer✔ED has supervisor prepare budgets for their own dept. Allows
participation and those to stay within budget b/c of their awareness.
Liquidity is the ability to: - Answer✔convert current assets to cash to meet financial obligations
of current liabilities
FUTA - Answer✔unemployement tax, Federal Unemployment Tax Act. This act requires the
payment of a federal tax to provide benefits to unemployed workers.
A current trial balance includes: - Answer✔Debts, credits and names of accounts.
Are zero-balance accounts listed on the trial balance? - Answer✔NO
The term "control" refers to: - Answer✔devt/maintenance of systematic ways to identify
problems as they occur.
Cash flow is: - Answer✔cash receipts less cash dispursements
Who has the most input regarding budgets? - Answer✔ED
After all costs, taxes and dividends are paid out, the remainder is referred to as? -
Answer✔retained earnings
The first major objective of financial mgt is ____ and the 2nd is ______? - Answer✔1st is
liquidity and the 2nd is payroll
Workman's comp insurance premium rates depend on what 3 things? - Answer✔claim
experience, state regulations and # of years insured by same carrier.
An example of a fiscal intermediary is? - Answer✔insurance company
Payroll checks should include the following 3 things? - Answer✔gross pay, FICA, income tax
withholding
Is social services considered a revenue center? - Answer✔NO
Weekend overtime wages is usually considered an ______ expense. - Answer✔operating
Social security is a _____ tax. - Answer✔payroll
The most effective area to reduce cost and control in food service is through the use of _____. -
Answer✔menus
The primary purpose for maintaining an operating budget is to provide ____________. -
Answer✔A method of ongoing study and control
When determining a budget, EDs should ask dept heads to determine ____________. -
Answer✔the minimum which could be utilized the next year.
Cash in excess of what is required in the near future should be___________. - Answer✔invested
in short term investments (ex: money markets)
When salaries are listed by dept, they usually don't include_______ but do include___, ____,
____. - Answer✔don't include health insurance, but do include FICA, FUTA and payroll tax
Examples of intangible assets include: - Answer✔leases, goodwill, copyrights
Net income / owners equity = - Answer✔return on investment
What are two kinds of financial ratios? - Answer✔working capital and return on equity
Financial Ratio - Answer✔Relationships determined from a firm's financial information and used
for comparison purposes.
According to the IRS, records of employment taxes should be retained for ____ years. -
Answer✔4
Approximately ____ of residents have their stay paid for by M'Caid? - Answer✔2/3
The primary goal of financial management is: - Answer✔provides info to make decisions and
manage facility - used as a control device
Assets - Answer✔Things of value (cash, equip, AR) that can be expressed in terms of money
Current Asset - Answer✔assets to be depleted or turned into cash within 1 year (cash, AR, notes
rec, cert of deposit)
Fixed Asset - Answer✔Assets that are relatively permanent, such as land, buildings, and
equipment (long term basis - over a year)
Tangible Asset - Answer✔Those assets that can be appraised by value or seen or touched.
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