TRUE OR FALSE :
A practical alternative in collecting past due receivables
is to use the services of a collection agency. A
Generally, high levels of supply and low levels of
demand means unemployment falls. F
3 Financial accounting is less constrained than the
management accounting. F
4Which of the following statements are true and which
are false?Stretching accounts payable is a cost-free method offinancing a business. A
5 The opposite of a loss is a profit. A
6 In accounting a gradual loss in the value of something,such as a vehicle, a machine or any ASSET that wears out with use and age is called depreciation. A
7 Because of the going-concern concept, accounting does not report what the assets could be sold for if the entity ceases to exist. A
8 Social security (welfar 12512o1420m e) transfers wealth to people that have suffered a loss due to natural disaster. F
9 Inventory is a synonym for stock. F
A breakeven point analysis reveals whether it is profitable to
produce a certain item. A
11 Managers are interested solely in information expressed in monetary terms. F
12The distinguishing feature of full-block style of a business letter is that all structural parts of the letter begin to flush with the left margin. A
13 An auditor is a person who keeps accounts. A
14The distinguishing feature of semiblock / modified block style of a business letter is that all structural parts of the letter begin to flush with the right margin. F
15 A high value of the local currency is good for exports. F
16 Stocks and bonds are traded on national / international exchanges where investors can buy and sell them to other investors. A
17 Financial accounting reports may provide information concerning future performance as well as past performance. A
18 Accounting is the daily recording of financial information while bookkeeping is the design and maintenance of the accounting system. F
19 The average is the total amount of something. F
20 Gross national product (GNP) is a measure of the annual value of sales of goods and services in a country, and it does not include sales for companies abroad. A
21 Things that you own are called assets and things that you owe are liabilities. A
22 Creditors are people who owe you money. F
23 The Board of Directors is appointed by the ManagingDirector (MD) F
24 Pre-tax profits are the same as net profits. F
25 In management accounting reports the information is generally disseminated outside the company F
26 A debt with a bank arising from drawing more from an account than the account holds, is called overdraft A
In a semiblock style (Modified block) business letter the first line of each paragraph is indented five to ten spaces. A
28Raw materials are bought and sold on the stock exchange. A
29 A sole trader is a natural person A
30 In a semiblock style (Modified block) business letter the complimentary close begins slightly to the right of the center of the page. All lines of the signature are aligned with the complimentary close. A
31 The most common type of spontaneous financing is a commercial bank loan. F
32 There are no indentations in a full-block style business letter. A
FILL IN :
33 VAT "Value _____ tax" ADDED
34 In accounting the idea of income is the difference between _________ and
expenses. REVENUES
35 Common abbreviatons and acronyms. Spell out the following abbreviation:
NYSE (
36 Common abbreviatons and acronyms. Spell out the following abbreviation:
Wkds WEEKDAYS
37 Common abbreviatons and acronyms. Spell out the following abbreviation:
CPA ( ________ public accountant) CERTIFIED
38 Turn the
statements, questions and orders below into reported speech. A sentence has been done for you; "I have just opened a savings
account. I want to go to
The process of using unusual but not illegal ways to change business accounts to make them look better than they really are, is usually called ____ CREATIVE
40 Money taken on legacy is known as _______ tax INHERITANCE
41Common abbreviatons and acronyms. Spell out the : ATM TELLER
42Enter the correct word : The most popular way of calculating the depreciation
each year is the _______ line method. STRAIGHT
Fill in the correct preposition in the following sentence He deals______many enquiries of this sort. WITH
Insert the correct word : How much does she ____(a câstiga) in herposition? EARNS
45Enter the correct word to build an expression related to economics and finance.
A __STANDING___order is an instruction to a bank to pay a fixed amount of money at regular times to another bank account.
Business writing - Apology for.Dear Mr . Boyanov I'm sorry to learn about the damage to the sofa that you purchased.. ARRIVES
47Supply the appropriate tense of the verb in brackets: They asked me where the railway station (to be) IS
48Give the accounting name for the following term: Claims of creditors- LIABILITIES
49Traduceti in limba engleză: Pretulcu ridicata este: The _WHOLESALE_price is
Title used for a married or unmarried woman in business letter writing. MS.
1Put the following sentences into the passive voice : He has just written a special edition for the bank employees.A special edition has just_____written by him for the bank employees. BEEN
52Transform the following active.... They have opened the new conference hall (just) The new conference hall has just ______opened BEEN
53A favourable name or reputation purchased by an entity is usually referred to as _ BRAND___ .
54Suppose she ___WAS_____(to be) here. What would you say?
As compared with straight-line depreciation,accelerated depreciation writes off more depreciation in the early years of an asset's life and less in the later years. Over the whole life of the asset, accelerated depreciation writes off the _ASSET'S___ total cost as straightline depreciation.
56Insert the correct word to finish the phrase or question a. I haven't got enough money for lunch. Could you ________(a împrumuta) me some? LEND
57Money taken by the government on certain imports and exports is known as :__CUSTOM______ duties
Money paid to people that are made redundant is known as UNEMPLOYEMENT benefit .
59Enter the correct word to build an expression related to economics and finance. A __WRITE OFF___ debt is a loan that is not likely to be paid back.
60Money taken from the profits made by companies is known as :CORPORAL_ tax
61Complete the sentence below. I didn't agree to the _CANCELATION_of the meeting from the beginning (to cancel)
62Business writing..MODIFY its grammatical form where necessary. Use standard English spelling to allow, to pay, to make, to want, to do, to sell, to buy, to be, ) Dear Mr. Howard... DOING
63Business writing - Collection letter Complete the following.Dear Mr. Boyanov
INVOICE
Fill in the blanks with one of the words from the list below. Change the grammatical form of the words where necessary. Our company has over 1000 employees on its ....PAYROLL.........
65The manager demands that the main entrance _BE__(to be) locked at
night.
Traduceti in limba engleza următoarele documente bancare /financiar contabile.: extras de cont STATEMENT
Fill in the correct preposition in the following sentence. All are expressions which occur frequently in business letters:We are sending samples_UNDER__separate cover
68One of the most important shipping documents which is also a document of title is "the bill of _LANDING__"
69The terms profit, earnings and income all have the same meaning. They are the difference between the _REVENUES__ of an accounting period and the expenses
of that period.
70Complete the sentences with the correct preposition The increase in salaries is around 4%. Inflation now stands__AT__6%.
71Complete the sentence below by inserting the right derivate of the verb in brackets. An example has been done for you: The contract is not negotiable (to negotiate)
He
needs a __CERTIFIED_accountant
for the new subsidiary in
72Write the missing word in the gap People who buy shares in a company are called
SHAREHOLDERS__
73Put the verbs in brackets into the appropriate conditional form using the information given. You are talking to a customer who has asked you to replace a lost credit card for the fifth time. If you _ LOSE _( to lose ) your card again in the future, I'm afraid that the bank will refuse to issue a replacement.
74Money paid to people with a handicap is known as: disability _ALLOWANCE___
75State the COMMONEST METHOD OF PAYMENT for trade between countries. It is operated by the banks and money is transferred from the buyer to the seller
through the banking system. "letter of ____CREDIT___"
76The board of directors recommended that she__JOIN__(to join) the company.
77Fill in the correct preposition in the following sentence. All are expressions
which occur frequently in business letters: Duty has been paid on the goods and
they are not liable _TO _VAT
Complete the sentences below by inserting the right derivate of the verbs in brackets. An example has been done for you: The contract is not negotiable (to negotiate) There is a ____DISTINCTION___between product mix and product depth. (to distinguish)
79Identify the error in the following sentence, then correct the mistake. It is possible ...:Although I cannot see you, I can hear you good. NO ERROR
MATCH :
Match the following basic accounting concepts with their definitions:
1-A , 2-D , 3-B , 4-C , 5-E
81. Here is a list of 8 cost items. Categorize them according to the headings given below. 1-G , 2-E , 3-F , 4-C , 5-D , 6-A , 7-B , 8-H
Match the verb with one of the nouns to form common banking collocations.
1 - E; 2 - C; 3 - F; 4 - B; 5 - D; 6 - A
83 Complete the gap in the following sentence with a suitable / matching verb.
. 1 - A; 2 - H; 3 - F; 4 - D; 5 - E; 6 - C; 7 - G; 8 - B
Match the English words to their opposites:
1 - B; 2 - D; 3 - A; 4 - C
85 Match the form of revenue with the right recipient 1 - C; 2 - E; 3 - J; 4 - G; 5 - I; 6 - D; 7 - B; 8 - F; 9 - H; 10 - A
86 Match the following statement of a potential customer to the appropriate financial service needed. The first one has been done for you: N
87 Match the first part of the sentences with
the right 1
- F; 2 - D; 3 - E; 4 - B; 5 - C; 6 - A
88 Match the Business English terms to their Romanian equivalents: 1 - G; 2 - E; 3 - D; 4 -
A; 5 - C; 6 - B; 7 - F
89 Match the English words to their Romanian equivalents: 1 - E; 2 - G; 3 - A; 4 - D; 5 - I; 6 - F; 7 - B; 8 - C; 9 - J; 10 - H
90 Match the following statement of a potentialcustomer to the most appropriate financial service needed. The first one has been done for you: . D
91 Match the opening and closing greetings. 1 - C; 2 - B; 3 - A
92 Match the English words to their Romanian equivalents: 1 - H; 2 - G; 3 - A; 4 - E; 5 - J; 6 - D; 7 - B; 8 - I; 9 - F; 10 - C
MATCH
93 Match the following statement of a potential customer to the appropriate financial service needed. The first one has been done for you:
I
want to send $1500 to my son in
possible"......... Swift
transfer H
94 Match the following statement of a potential customer to the most appropriate financial service needed. The first one has been done for you:
I
want to send $1500 to my son in
possible"......... H
95 Match the following adjectives with the nouns
that they would usually go with: 1 - D; 2 - A; 3 - F; 4 - B; 5 - C; 6 - E
96 Match the following statement of a potential
customer to the appropriate financial
service needed. The first one has been done for you: . L
97 Match the following statement of a potential customer to the appropriate financial service needed. The first one has been done for you: . I
98 Here are a number of essential business entries used on a balance sheet. Use the words listed below to decide which type of entry fits the definition. 1 - B; 2 - D; 3 - J; 4 - I; 5 - C; 6 - H; 7 - A; 8 - F; 9 - E; 10 - G
99 Match the following statement of a potential
customer to the most appropriate financial service needed. The first one has been done for you (select one): E
100 Match the following statement of a potential customer to the appropriate
financial service needed. An example has
been done for you: M
101 60
is 20% of what number? (Scrieti NUMARUL IN CIFRE )
102 Assume that one pig eats 4 pounds of food each week. There are 52 weeks in a year. How much food do 10 pigs eat in a week? (Scrieti numai cifra !)
103Together , a hat and coat cost $125 . The coat costs $25 more than the hat. What is the cost of the
104 George scored an average of 80% on three tests. What score must he get on the fourth test to bring his average to 85%. Scrieti NUMAI CIFRA FARA % !!!
105 A car travels a scenic route of 15 miles in 30 minutes and the 60-mile
balance of a trip in one hour. Its average speed for the trip is: ____mph. (Scrieti numai cifra)
106 Spifmobile Ltd. is selling at a
30% discount off its sticker price. Its sticker price is $8000. What is its new
selling price? ( Scrieti numai cifra !!)
107 A person 2 m tall casts a shadow 1 m long when a tree has an 8 m
shadow. How high is the
tree? (scrieti numai cifra ! )
108 Last year Hank's income was $12,000. This yearit
rose to $15,000. What was the percent increase in Hank's salary? ( Scrieti numai cifra
FARA %
109 How many paintings were displayed at theCounty
Museum of Art if 30% of them were by Monet and Monet was represented by 24
paintings?
110 Nine
hundred head of cattle must betransported from
111 What is the simple interest on a $40,000 savings account over 3 years if the interest rate is 2% quarterly. Scrieti NUMAI CIFRA FARA $ SI FARA PUNCTUATIE !!
112 Money taken by the government on certain imports CUSTOM DUTIES
113 Which of the following could beused as a short term means to improve cash flow in a business? A
114 A company buys 10 items at a price of Ł200 each, all on 14 days free
credit. It then sells on the next day 5 units for Ł350 each. One item was
sold for cash, the remainder on 21 days free credit. What effect do these
transactions have on the firm's cas flow on the day of the sale?
(Select one answer) c
completati
115 Choose the right word to fill in the gaps:
Investors are influenced by the projected _________ on their capital. C
116 Choose the most suitable accounting idiom.
After only three months the company was able to ...... ............ and started to make a profit. D
117 The document which shows details of goods being transported and which entitles the receiver to collect the goods is called a ...........B
118 How to say it: Dates You write it like this: 5th August 1989. You say it
like this: D
119 The letter of credit is valid_______ 30 days. A
120 A . is a period when prices cannot be increased.A
121 I demand that she immediately ______________ for what she just said B
122 The three business partners decided to end theirpartnership due to a pute__________ them. A
123 ____________.capital is risk capital.A
124 A person can purchase__________ of a stock sold on a stock exchange.A
125 If their business is doing well , shareholders receive __________D
126 Of the following , all are consumer goods except:C
127 Choose the correct phrasal verb to complete the following sentence
The persons you sent for us weren't at the airport to __________so we
had to get a taxi.C
128 Understanding news stories:Below is a heading from newspaper
reports on the business environment Choose the best explanation of the
keywords from a ) b) c) or d) BRD bank writes off Ron 2 million in bad debts:
To write off debts means:B
The new management team hassucceeded _______stricter cost control.A
130 Which of the following would be treated as a short-term fund by a company?B
131 In the sentence: 'A shipment of urgent medical supplies is expected to arrive very soon.' the term 'shipment' means:B
132 In national income accounting which of the following is not part of national income but of personal income?D
133 Which one of the following would be classed as a source of longterm funds for a company?C
Most of the money ......... was donated to charity.A
135 _____________ pay is what an employee earns before deductions B
136 Choose the correct alternative for the following. In "I wouldn't bank on it"
the verb means: B
I am pleased to inform you that there was no delay and the goods arrived ______time. C
138 A balance sheet reports the status of an entity. (Select one answer) B
139 Domestic sales have _______by 6% over the last year. C
140 Choose the best verb to complete each sentence It may be easier to _____________ money from your account than to pay money in. B
141 An amount of money which you lend to someone .A
142 Payment must be made ...........10 daysB
143 If 1 worker produces a total of 4 units of output, 2
workers produce a total of 10 units of output, 3
workers produce a total of 18 units of output, 4
workers produce a total of 25 units of output, 5 C
144 Choose the most suitable accounting / banking idiom. It was impossible for the bank to collect the money so they were forced to ............... the loan.D
145 A person who has lost his / her job is :B
146 Tom purchased 100 shares of Yummy Butter Company stock. When the company had a jump in sales, he received ...........E
147 Evidently, an event can affect the owner in one way and the entity in another way. Financial statements of Ionescu & sons Ltd. report the effect that the event has:B
148 A Bill of Lading is issued by a shipping line and is a receipt for the goods shipped. Which of the following pieces of information is unlikely to be scertained from the M Bill of Lading? B
149 If you want to borrow money to buy a house, you should ask the bank for .A
150 Andrea Biris withdraws $100 from ABC Company,of which she is the sole owner. Andrea now has $100more cash, but she has $100 less equity in ABC Company. Andrea is ..............................than she was NbeforeC
151 After an initial deposit , you pay_______B
152 Whereas you . interest on a mortgage, you . interest on a savings account.A
153 The directors of the companyapprove the .______at the end of the _______ year A
154 A person who has lost his / her job is ______A
155 Four construction workers build ahouse containing 16 rooms. If thehouse has 4 floors and they take exactly 4 months (without stopping) to build it, then which of the following must be true?B
156 The debt should be paid______within thirty days of receiving this statement. C
157 What can you write off? B
158 Accounts ___________show how much money your customers owe B
159 If you ..............sales by over 15% the company would pay you a performance bonus. D
160 A person can buy part of a business by purchasing . of a stock sold on a . exchange. A
161 The . ...........account is used to compare actual results with projected results, and for future planning C
162 Listed companies.................shares to raise capital B
163 A ........ is a formal agreement between a shop or other business and a customer, in which the customer can take goods and pay the shop or business for them at a later timeA
164 Products -such as coffee, sugar, oil, cereals, rubber - that are exchanged on special markets in international trade are usually called C
165 Orders are written down on an ______B
166 Try to ensure that each employee's _____________ is not too great.A
167 In order to buy new equipment, to expand thebusiness, some companies make use of internal sourses of finance.Which one of the following sources of finance is a good example.D
168 You record how much each ofyour employees should be paid in the ......... account.A
169 All firms, whether competitive ornot, will tend to produce to thepoint where C
170 Most banks . ...their customers for services, in order to cover their costs.C
Our ........ include a$12,000 tax bill and the $8,000 we owe our suppliers.C
172 We have just received a ________ for a quotationD
173 For each of the verbs below, threeof the four words or expressions
fit. In each case circle the one which DOES NOT.B
174 Grammar: In the following pair of sentences one of the tenses is
wrong. Say which one?
My first job was in a factory. I've
done it for three months
My first job was in a factory. I
did it for three months B
What can you lay off:C
If you don't have enough money in your account to pay your bills, you'll have to ask for a/ an _________C
In the sentence : "We could take out a loan to start our own business". "to take out a loan" means:A
178 A company sells goods on credit, but if customers never pay for these goods the money owing is known as ..B
179 People who are owed money are called_________C
180 A ...........is when one company offers to buy another.D
181 What is the probability of tossing a penny twice so that both times it lands heads up?B
182 The . on an investment is the amount of money it earns for the investorA
183 READING COMPREHENSIONTeacher salaries account forapproximately seventy percent ofa school budget. Any majorproposal designed to reduce educational expenditures will ultimately necessitate a cut in teaching staff.B
184 With internet banking, it is possible to transfer ..... on-line from one account to anotherC
Alegeti traducerea corecta:
Ar fi putut afla cifra de afaceri daca
ar fi cautat in foaia de calculD
186 ____________accounts are accounts for your
sources of business-generated income.B
187 ENGLISH WRITINGSelect the answer that produces the
most effective sentence, one that is clear and exact, wihthout awkardness
or ambiguity. In choosing answer,E
Which of the following will appear as a current asset on a balance sheet:D
189 Financial statements about cash funds are usually known as ............ statements.D
190 A payment which is overdue is one which is......B
191 Reading comprehension In modern society, those who are
most adaptable to both an inflating economy and the decreasing value ofE
192 Possesions acquired by a company for long term use ( e.g. buildings) are called:B
193 Choose the best verb to complete the sentence. The bank is ____________ a minimum rate of 9% B
194 An amount of money which you lend to someone.....................C
195 The ____________department staff has been cut back substantially.B
196 Since import regulations have been relaxed it has become ___________to work in the Egyptian marketE
All the workers in our firm get a Christmas__________of $100B
198 Before starting a business, you have to raise the necessary________A
199 Petronela Bogard ___________the post of Managing Director since 1999.C
200 Five washloads of clothes need to be laundered. Ifeach load takes a total of 15 minutes to be washed,and the laundry person begins washing at 3:20PM
and washes continually, at what time will all the loads be finished?C
For each of the verbs below, three of the fourwords or expressions fit. In each case circle theone which DOES NOTB
202 Understanding news stories:Below are headings from newspaperreports on the business environment. Choose the best explanation of the keywords from a ) b) c) or d) The price of kitchen appliances has soared in recent years.
To soar means:A
What can you put off? C
204 Grammar
She insisted on _______________the judgeB
205 Petty cash isA
206 The following are all examples of possible causes ofcash flow problems, except (Select one answer)D
207 (Alphabetic filing rules)Choose the right order of indexing units for the following business name Burr & Brown orationD
208 Alegeti traducerea corecta: Suntem deosebit de interesati să vindem cu amânuntul produsele dvs. si abia asteptăm să primim esantioanele A
209 If you need more money, I could_______you some
tomorrow.A
When public spending exceeds receipt from income taxes, VAT
and so on, the government issues:B
Grammar
The boss insisted that Mr.Petcu ___________at the
MeetingB
212 What can you carry forward? B
A_________is a reduction in price.A
A . ..........company is one that is wholly owned by another company.A
215 Everyone was impressed with the sales_______for the new product:C
216 Reading comprehensionThe 55-mile-per-hour speed limit hasnot only lowered the number ofaccidents, it has also saved many lives. Yet, auto insurance rates have not reflected this decrease. Therefore, insurance companC
217 Grammar:
If we..................the right figures, we
could have avoided a costly error.A
218 Alegeti traducerea corecta: We are looking for an economist
experienced in teaching economic
and financial mattersA
219 At the end of the year, some of the profits may be
shared out among the shareholders who will receive AE
220 The amount of money an employeereceives, and the money generated
from an investment project are both known as ..E
221 The correct matching between the words in set A (1-
3) and their definitions in set B (a-c) is:
1. account a. detailed listing of all
accounts of an
organization
2. accounting b. a record of the money
that a business receives or
pays out
3. ledger c. recording the past
growth or decline of the
business, analyzing theseB
FINANCIAL ACCOUNTING is the area of accounting concerned with A
223 Tom borrowed money from his bank. The bank gave him .D
224 An item can be reported as anasset only if it passes thefollowing tests. (choose one answer)E
225 A ...... is a bank account in which you usually leave money for a long time and which pays you intereD
226 The bank is _________ a minimum rate of 9% for the loan.B
227 Reminders must be sent out to all
customers whose accounts are
more than a month ________B
228 If you pay by credit card, you have to . the transaction by signing a payslip.D
229 John and Ellen own the John andEllen Laundry, a partnership. Each
takes $1000 cash from thepartnership entity and deposits it intoa personal bank account. An ccounting report of the financialC
They didn't know how________ to
our warehouse so they stopped
______ the wayA
231 A registered company whose shares can be bought
and sold on the Stock Exchange is called:C
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