a. income statement. b. balance sheet c. statement of cash flows. d. cash flow s

Question

a. income statement. b. balance sheet c. statement of cash flows. d. cash flow statement. e. dividend statement. 2. A current asset is best defined as: a. an asset, such as equipment, that is currently owned by a firm. b. an asset the firm expects to own within the next year. c. an asset which is expected to be converted into cash within the next year. d. the amount of cash on hand the firm currently shows on its balance sheet. e. the market value of the inventory currently owned by the firm. The financial statement summarizing a firm's performance over a period of time is the: a. income statement. b. balance sheet. c. statement of cash flows. d. tax reconciliation statement. e. market value report. 3. 4. tax rate is the amount of tax payable on the next taxable dollar you earn. Your a. mean b. residual c. total d. average e. marginal 5. Yourtax rate measures the total taxes you pay divided by your total taxable income a. deductible b. residual c. total d. average e. marginal

Explanation / Answer

Question 1:

Solution: The financial statement summarizing the value of firm's equity on a date is Balance Sheet. Balance sheet reflects firm equity value. (Balance Sheet: Total Asset= Equity + Total Debt)

Question 2:

Solution: A current asset is best defined as an asset which is expected to be converted to cash within next one year.

Question 3:

Solution:Financial statement summarizing a firm's performance over a period of time is income statement.

Question 4:

Solution:Marginal tax rate is the amount of tax payabe on the next taxable dollar you earn.

Question5:

Solution: Average tax rate measures the total taxes you pay divided by your total taxable income.

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