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This quiz consists of 5 multiple choice and 5 short answer questions through Accounting Policy and Tax Matters.

Multiple Choice Questions

1. The partners were interested firms that are adapted to ______ times that could readily increase prices and scale up to a large volume with more capital.
(a) Aggressive.
(b) Recession.
(c) Inflationary.
(d) Bloated.

2. Warrants exercised for a penny par add ________ to credit capital surplus, according to the book.
(a) $19.99.
(b) $29.99.
(c) $39.99
(d) $49.99

3. How many shareholders did a business that wanted to be on the NYSE have to have?
(a) 2000.
(b) 5000.
(c) 100.
(d) 10,000.

4. Berkshire might evolve into a _______ form of board situation, upon Buffett's death, according to the book.
(a) Dissolved.
(b) Fourth.
(c) Second.
(d) Third.

5. ________ earnings were the reporting of income of one company that owns another.
(a) Variant.
(b) Truthful.
(c) Look through.
(d) Fixed.

Short Answer Questions

1. _________ can be foolish, according to the lessons in this chapter, foolhardy even, or just be fooling buyers and sellers.

2. Generally, earnings were reported when classified by a company as more than _______ owned.

3. What was coined as the term for the amount of undiscovered embezzlement?

4. Major business activities grouped together aided _____ by providing data in a more useful form.

5. Accounting for the purchase of a business required allocating the ________ first to the fair value of net assets.

(see the answer key)

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