11. Which one of the following is an ownership interest in a firm?
A. asset
B. expense
C. net income
D. liability
E. equity
12. Which one of the following is used to pay dividends or kept as retained earnings by a firm?
A. equity
B. net cash flow
C. revenue
D. net income
E. expense
13. Which one of the following is income realized in cash form?
A. net income
B. revenue
C. cash flow
D. retained earnings
E. dividends
14. Income and expense items NOT realized in cash form are called which one of the following?
A. deductible expenses
B. noncash items
C. intangible assets
D. operating income
E. financing activities
15. Which one of the following is the definition of operating cash flow?
A. revenue minus expenses
B. cash realized from the sale of assets
C. cash flow originating from the issuance of securities
D. cash generated by a firm's normal business activities
E. pre-tax income
16. Which one of the following is the definition of investment cash flow?
A. revenue minus expenses
B. cash flow from the purchases and sales of fixed assets and investments
C. cash flow originating from the issuance of securities
D. cash generated by a firm's normal business activities
E. pre-tax income
17. Which one of the following is the cash flow resulting from the payment of dividends and the issuance or repurchase of equity securities?
A. balance sheet cash flow
B. operating cash flow
C. financing cash flow
D. business cash flow
E. investment cash flow
18. Which one of the following is equal to net income expressed as a percentage of total assets?
A. return on equity
B. return on the balance sheet
C. operating yield
D. net yield
E. return on assets
19. Return on equity is equal to which one of the following?
A. dividend yield divided by total equity
B. retained earnings divided by total equity
C. revenue divided by total equity
D. net income divided by total equity
E. operating cash flow divided by total equity
20. Pro forma financial statements are statements based on which one of the following?
A. projected future income, cash flows, and other non-cash items
B. historical revenue and expenses
C. historical asset and liability values
D. current period cash flows
E. current period revenues and expenses
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