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Read 'Chapter 0: Course Material' & answer the following question(s): 
1.  Financial statements do NOT include: 
 
 
 
 
2.  The expression doubleentry system is 
 
 
 
 
3.  Current assets do NOT include: 
 
 
 
 
4.  Revenue listed on the income statement does NOT include: 
 
 
 
 
5.  The net worth figure is useful when: 
 
 
 
 
6.  When making comparisons, it is customary to convert income statement data to: 
 
 
 
 
7.  A balance sheet must show figures: 
 
 
 
 
8.  The processes and procedures used to record measures of dollars and cents, according to categories, are called: 
 
 
 
 
9.  Another name for the income statement is the: 
 
 
 
 
10.  Most businesses recognize revenues and expenses, using the ________________ method of accounting 
 
 
 
 
11.  Which of the following is NOT on an individualâ€™s income statement? 
 
 
 
 
12.  The basic financial statements include a 
 
 
 
 
13.  For most businesses, the current ratio should be ______________. 
 
 
 
 
14.  The values shown for assets such as real estate and equipment will be recorded at. 
 
 
 
 
15.  Four sales representatives employed by Blue Carpet Realty earned $2120; $1865; $2863; and $2175 during the past month. What was the average of their monthly earnings? 
 
 
 
 
16.  The Lawsonâ€™s wanted to insure their house for $275,000. The insurance company charges an annual premium rate of 33 1/3 cents per $100 insurance for this type policy. How much is their annual premium? 
 
 
 
 
17.  Last year a family paid $26,500 for house payments. If this is 30% of the family's annual income, how much was the annual income? 
 
 
 
 
18.  A farm sold 64 acres of a 480acre farm. Express as a fraction what part of the farm sold. 
 
 
 
 
19.  John bought three tracts of land: 3/4 acre, 7/15 acre, and acre. How many acres did he purchase? 
 
 
 
 
20.  A property grosses $42,000 per month with a yearly expense of 36% of the gross income. If it was capitalized at 16%, what would be its value? (nearest thousand) 
 
 
 
 
21.  A property listed for $90,000 was insured at a rate of $3.00 per $1,000 per year. What is the yearly insurance premium? 
 
 
 
 
22.  The area of a square plot of property is 3,600 square yards. How long is the side of the square plot? 
 
 
 
 
23.  At a cost of $3 a square foot how much money is paid for carpeting a square with a side of 15 feet? 
 
 
 
 
24.  The width of a swimming pool is 25.5 feet wide, and the length is twice as much. What is the area of this swimming pool? 
 
 
 
 
25.  Compute the exact interest due on a loan of $80,000 at 10.5% for 120 days. 
 
 
 
 
26.  Compute the exact interest due on a loan of $2,100 at 8.25% from June 18 to September 1 
 
 
 
 
27.  Assume that it would cost $330 in interest to use a sum of money for 18 months. If the interest rate was 11 percent, how much is the loan? 
 
 
 
 
28.  Find the area of a square lot that has a side of 60.1 yards. 
 
 
 
 
29.  A circular shaped lot has a radius of 100 ft. What is the area of this property? (use pi = 3.14) 
 
 
 
 
30.  An office building is valued at $800,000 when net operating income is capitalized at a rate of 20%. If operating expenses are 40% of gross income, what is gross income? 
 
 
 
 
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