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60 Multiple choice questions 1.A 30-year mortgage loan is a: a. Long term liability b. Current liability c. Current asset d. Long term asset D. Current liability A. Long term liability A. Inte... rest expense B. Income statement 2.Which of the following is NOT an operating expense? a. Interest expense b. Depreciation and amortization c. Selling, general and administrative expenses d. Research and development A. Interest expense A. The income statement shows the earnings and expenses at a given point in time B. Statement of sources and uses of cash A. Increase; increase 3.What is the return on equity (ROE) equation? Current assets - current liabilities (Net income / Total equity) x 100 (Net income / Total sales) x 100 (Net income / Total sales) X ( Total sales / Total assets) X (Total assets / Total equity) 4.Which of the following includes other sources of income or expenses that arise from activities that are not a central part of a company's business? a. Earnings before interest and taxes (EBIT) b. Gross profit c. Operating income d. Operating expenses C. Assets - Current Liabilities = Long term Liabilities B. Statement of sources and uses of cash D. All of the above are intangible assets A. Earnings before interest and taxes (EBIT) [Show More]

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