Marita Rose
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Architectural Registration Exam - NCARB A.R.E 5.0 Practice Management Quiz am Financial Management, erstellt von Marita Rose am 15/01/2018.

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Financial Management

Financial Management

Frage 1 von 62

1

The (2) broad categories of accounting in the financial management of a firm are?

Wähle eine oder mehr der folgenden:

  • General Ledger Accounting

  • Project Cost Accounting

  • Basic Accounting

  • Double Entry Bookkeeping

Erklärung

Frage 2 von 62

1

Which of the following best describes General Ledger Accounting?

Wähle eine der folgenden:

  • Is basic accounting that keeps track of money flowing into & out of the business & is needed for day-to-day operations, banking, taxes, & auditing; provides firm-wide statements about the overall financial status of the business

  • Tracks revenue, expenses & profit by individual projects

Erklärung

Frage 3 von 62

1

General Ledger Accounting is needed for which of the following?

Wähle eine oder mehr der folgenden:

  • Basic Accounting

  • Keeping track of money flowing into & out of a business

  • Day-to-day operations

  • Banking

  • Taxes

  • Auditing

  • Firm-wide statements about the overall financial status of a business so that firm owners can make decisions crucial to the firm's profitability & survival

  • Tracking revenue, expenses, & profit by individual projects

  • Knowing how the amount of time spent on specific projects affects the financial health of the firm

  • Assisting managers in deciding how to allocate resources, manage projects, & develop accurate proposals for new work

Erklärung

Frage 4 von 62

1

Project Cost Accounting is needed for which of the following?

Wähle eine oder mehr der folgenden:

  • Tracking revenue by individual projects

  • Tracking expenses by individual projects

  • Tracking profit by individual projects

  • Knowing how the amount of time spent on specific projects affects the financial health of a firm

  • Differentiating between projects that are making money & those that are losing money

  • Assisting managers in deciding how to allocate resources

  • Assisting managers in deciding how to manage projects

  • Assisting managers in developing accurate proposals for new work

  • Tracking money flowing into & out of the business & is needed for day-to-day operations, banking, taxes, & auditing

  • Providing firm-wide statements about the overall financial status of the business so that firm owners can make decisions crucial to the firm's profitability & survival

Erklärung

Frage 5 von 62

1

Which of the following describe Project Cost Accounting?

Wähle eine oder mehr der folgenden:

  • Helps managers decide how to allocate resources, manage projects, & develop accurate proposals for new work

  • Tracks revenue, expenses, & profit by individual projects

  • Shows how the amount of time spent on specific projects affects the financial health of a firm

  • Provides firm-wide statements about the overall financial status of a business so that firm owners can make decisions crucial to the firm's profitability & survival

  • Keeps track of money flowing into & out of a business & is needed for day-to-day operations, banking, taxes, & auditing

Erklärung

Frage 6 von 62

1

Which of the following correctly describes the, "Amounts owed to the suppliers of goods or services (such as consultants, reproduction companies, or the utility company) that have not yet been paid?"

Wähle eine der folgenden:

  • Accounts Payable

  • Accounts Receiveable

  • Assets

  • Chart of Accounts

Erklärung

Frage 7 von 62

1

Which of the following correctly describes, "Money that others owe to a business through invoices for services?"

Wähle eine der folgenden:

  • Accounts Payable

  • Accounts Receivable

  • Assets

  • Chart of Accounts

Erklärung

Frage 8 von 62

1

Which of the following correctly describes, "Any type of tangible or intangible resource that can be measured in monetary terms, including current assets, fixed assets, & other assets?"

Wähle eine der folgenden:

  • Assets

  • Accounts payable

  • Accounts receivable

  • Chart of accounts

Erklärung

Frage 9 von 62

1

Which of the following correctly describes, "A list of the various accounts a business uses to keep track of money, along with corresponding account numbers used for data processing?"

Wähle eine der folgenden:

  • Chart of Accounts

  • Balance Sheet

  • Profit & Loss Statement

  • Ledger

Erklärung

Frage 10 von 62

1

Which of the following describes, "Resources of a business that are converted into cash within one year?"

Wähle eine der folgenden:

  • Assets

  • Fixed Assets

  • Other Assets

  • Current Assets

Erklärung

Frage 11 von 62

1

Which of the following describes, "All labor of technical staff, principals, & support staff that is directly chargeable to projects?"

Wähle eine der folgenden:

  • Direct Labor

  • Total Labor

  • Overhead

  • Indirect Labor

Erklärung

Frage 12 von 62

1

Which of the following describes, "The expense of employee salaries plus the cost of mandatory & discretionary expenses & benefits such as payroll taxes & health insurance?"

Wähle eine der folgenden:

  • Direct Expense

  • Direct Personnel Expense

  • Overhead

  • Indirect Personnel Expense

Erklärung

Frage 13 von 62

1

Which of the following correctly describes, "Voluntary distribution of profits to owners & non-owners, such as performance bonuses, profit sharing, & incentive compensation?"

Wähle eine der folgenden:

  • Discretionary Distribution

  • Profit Distribution

  • Direct Personnel Expense

  • Distribution

Erklärung

Frage 14 von 62

1

Which of the following best describes, "Resources that the firm uses & retains for a long period of time, such as equipment & property?"

Wähle eine der folgenden:

  • Assets

  • Current Assets

  • Fixed Assets

  • Other Assets

Erklärung

Frage 15 von 62

1

Which of the following correctly describes, "All the revenue generated by a business during a stated period of time?"

Wähle eine der folgenden:

  • Total Revenue

  • Gross Revenue

  • Net Operating Revenue

  • Net Revenue

Erklärung

Frage 16 von 62

1

Which of the following correctly describes, "All labor not charged to a specific project or revenue-producing account, such as administration, general office time, & marketing?"

Wähle eine der folgenden:

  • Overhead

  • Indirect Labor

  • Indirect Personnel Expense

  • Direct Labor

Erklärung

Frage 17 von 62

1

Which of the following correctly describes, "Claims by people outside the business & claims by the owners of the business against the total assets of the business."

Wähle eine der folgenden:

  • Liabilities

  • Indemnification Clause

  • Personal Injury

  • Privity

  • Tort

Erklärung

Frage 18 von 62

1

Which of the following correctly describes, "The money that remains from billing after deducting fees & expenses, reimbursable expenses, & non-reimbursable project-related expenses?"

Wähle eine der folgenden:

  • Net Operating Revenue (Net Revenue)

  • Gross Revenue

  • Total Revenue

  • Revenue

Erklärung

Frage 19 von 62

1

Which of the following correctly describes, "Miscellaneous resources such as securities & copyrights?"

Wähle eine der folgenden:

  • Other Assets

  • Current Assets

  • Assets

  • Fixed Assets

Erklärung

Frage 20 von 62

1

Which of the following correctly describes, "Expenses incurred to keep a business operating whether or not any revenue is being generated, such as rent, software leases, & fees for power & telephone service?"

Wähle eine der folgenden:

  • Overhead

  • Indirect Expenses

  • Non-Reimbursable Expenses

  • Reimbursable Expenses

Erklärung

Frage 21 von 62

1

Fülle die Lücken, um den Text zu vervollständigen.

Net Revenue (NOR) = (Gross Revenue) - ( + + + Project Related Expenses)

Erklärung

Frage 22 von 62

1

Which of the following are the (2) basic accounting methods?

Wähle eine oder mehr der folgenden:

  • Cash Accounting

  • Accrual Accounting

  • General Ledger Accounting

  • Project Cost Accounting

  • Modified Accrual Basis Method

Erklärung

Frage 23 von 62

1

Which of the following apply to Cash Accounting?

Wähle eine oder mehr der folgenden:

  • revenue & expenses are recognized at the time the business receives the cash or pays a bill

  • Better means of accounting for tracking actual cash flow

  • Fairly simple & is often used by single-person businesses & small businesses

  • Revenue & Expenses are recognized at the time they are earned or incurred, whether or not cash changes hands

  • Gives a better picture of a businesses's long term financial status & provides information that is important for active financial management

  • Best for businesses above a certain size or that maintain inventory are required by the IRS to use accrual accounting

Erklärung

Frage 24 von 62

1

Which of the basic accounting methods is best suited for a single person business or small businesses?

Wähle eine oder mehr der folgenden:

  • Cash Accounting

  • Accrual Accounting

  • Modified Accrual Basis Method

  • Project Cost Accounting

Erklärung

Frage 25 von 62

1

Businesses above a certain size or that maintain inventory are required by the IRS to use which basic accounting method?

Wähle eine der folgenden:

  • Cash Accounting

  • Accrual Accounting

  • Project Cost Accounting

  • General Ledger Accounting

Erklärung

Frage 26 von 62

1

Which of the following apply to Accrual Accounting?

Wähle eine oder mehr der folgenden:

  • Revenue & Expenses are recognized at the time they are earned or incurred, whether or not cash changes hands

  • Gives a better picture of a business's long term financial status & provides information that is important for active financial management

  • Businesses above a certain size or that maintain inventory are required by the IRS to use this accounting method

  • Revenue & expenses are recognized at the time the business receives the cash or pays a bill

  • Better at tracking actual cash flow

  • Fairly simple & is often used by single-person businesses & small businesses

Erklärung

Frage 27 von 62

1

Which basic accounting method recognizes revenue & expenses at the time the business receives the cash or pays a bill?

Wähle eine der folgenden:

  • Cash Accounting

  • Project Cost Accounting

  • Accrual Accounting

  • Modified Accrual Basis Method

Erklärung

Frage 28 von 62

1

Which basic accounting method recognizes revenue & expenses at the time they are earned or incurred, whether or not cash changes hands?

Wähle eine der folgenden:

  • Accrual Accounting

  • Cash Accounting

  • General Ledger Accounting

  • Project Cost Accounting

Erklärung

Frage 29 von 62

1

Which of the following is an example of Accrual Accounting?

Wähle eine der folgenden:

  • A firm sends an invoice to a client for $50,000 & that money is listed as revenue even though the client has not yet paid the invoice

  • A firm sends an invoice to a client for $50,000 & that money is listed as revenue only once the client has paid the invoice

Erklärung

Frage 30 von 62

1

What is the difference between Accrual Accounting & Modified Accrual Accounting (Modified Accrual Basis Method)?

Wähle eine der folgenden:

  • Records fee revenue, expenses billed to the client, & invoices to the firm by outside consultants

  • Records fee revenue, expenses billed to the client, & invoices to the firm by outside consultants but does NOT include the amounts of fees that have been earned but not yet billed to the client

  • Recognizes revenue & expenses only when actual cash changes hands

Erklärung

Frage 31 von 62

1

Which of the following are recorded by the Modified Accrual Basis Method?

Wähle eine oder mehr der folgenden:

  • Fee Revenue

  • Expenses billed to the client

  • Invoices to the firm by outside consultants

  • The amounts of fees that have been earned but not yet billed to the client

Erklärung

Frage 32 von 62

1

Accrual Accounting uses which of the following methods to record & organize all revenue & expenses into individual accounts?

Wähle eine der folgenden:

  • Double-Entry Bookkeeping

  • Journal Accounting

  • Ledger Accounting

  • General Ledger Accounting

Erklärung

Frage 33 von 62

1

Which of the following are reasons why Cash Accounting & Accrual Accounting group all revenue & expenses into individual accounts?

Wähle eine oder mehr der folgenden:

  • Auditing

  • Review

  • Tax Preparation

  • Management

  • Analysis

  • Insurance

Erklärung

Frage 34 von 62

1

Which of the following describes, "All transactions are listed chronologically in a journal. They are then posted to a ledger where transactions are grouped into individual accounts?"

Wähle eine der folgenden:

  • Double-Entry Bookkeeping

  • General Ledger Accounting

  • Ledger Accounting

  • Bookkeeping

Erklärung

Frage 35 von 62

1

Which of the following are the most common types of Accounting Reports?

Wähle eine oder mehr der folgenden:

  • Balance Sheet

  • Modified Accrual Basis Method

  • Profit & Loss Statement

  • Cash Flow Statement

  • Double Entry Bookkeeping

Erklärung

Frage 36 von 62

1

Which of the following is an important aspect of the balance sheet?

Wähle eine der folgenden:

  • Net Worth of the Business (aka Owner's Equity)

  • Total Liabilities

  • Cash Equivalents

  • Cash Flow

Erklärung

Frage 37 von 62

1

Which of the following apply to the Balance Sheet?

Wähle eine oder mehr der folgenden:

  • Summarizes all assets & liabilities & shows the financial position of a business

  • All the assets listed must exactly equal all the liabilities listed

  • The Total Assets must = (Total Liabilities + The Net Worth or Owner's Equity)

  • The Net Worth or Owner's Equity is an important part of this report

  • Lists all the income & expenses of a business for a certain period of time

  • Shows the actual inflows & outflows of cash or cash equivalents

Erklärung

Frage 38 von 62

1

Which of the following describe Net Worth?

Wähle eine oder mehr der folgenden:

  • Owner's Equity

  • = (Total Assets) - (Total Liabilities)

  • The money invested in a business by the owners or stockholders

  • defined as money, checks, or anything else accepted by banks

  • Short-term investments that can be quickly converted into cash, such as short-term certificates of deposit

Erklärung

Frage 39 von 62

1

Which of the following describe Owner's Equity?

Wähle eine oder mehr der folgenden:

  • Net Worth

  • The money invested in a business by the owners or stockholders

  • = (Total Assets) - (Total Liabilities)

  • Short-term investments that can be quickly converted into cash, such as short-term certificates of deposit

  • Defined as money, checks, or anything else accepted by banks

Erklärung

Frage 40 von 62

1

Which of the following apply to the Profit & Loss Statement?

Wähle eine oder mehr der folgenden:

  • Lists all the income & expenses of a business for a certain period of time

  • The difference between all the income & all the expenses gives either the profit or the loss for that period

  • Income Statement

  • Shows the actual inflows & outflows of cash or cash equivalents

  • Summarizes all assets & liabilities & shows the financial position of a business

Erklärung

Frage 41 von 62

1

Which of the following apply to the Cash Flow Statement

Wähle eine oder mehr der folgenden:

  • Shows the actual inflows & outflows of cash or cash equivalents

  • This statement is important because a business's month to month financial health depends on being able to meet payroll & pay bills

  • Lists all the income & expenses of a business for a certain period of time

  • Summarizes all assets & liabilities & shows the financial position of a business

  • Cash is defined as money, checks, or anything else accepted by banks

Erklärung

Frage 42 von 62

1

Which of the following describes Cash Equivalents?

Wähle eine der folgenden:

  • Short-term investments that can be quickly converted into cash, such as short-term certificates of deposit

  • Current Assets

  • Defined as money, checks, or anything else accepted by banks

  • Resources of a business that are converted into cash within one year

Erklärung

Frage 43 von 62

1

Profit Planning & Financial Management Reports include which of the following?

Wähle eine oder mehr der folgenden:

  • Active Planning

  • Monitoring & Controlling of financial information

  • Acting on financial information

Erklärung

Frage 44 von 62

1

What is the fundamental equation for financial planning in any profit oriented business?

Wähle eine oder mehr der folgenden:

  • (Profit + Expenses) = Revenue; If the business will make its targeted profit, & controls expenses, what is the appropriate revenue that needs to be generated to achieve that targeted profit

  • (Revenue - Expenses) = Profit; Profit is whatever may be left over after expenses are subtracted from revenue

  • (Net Operating Revenue) / (Total Direct Labor Costs)

  • (Total Indirect Expenses) / (Total Direct Labor Costs)

Erklärung

Frage 45 von 62

1

Which of the following are the (2) typical means to increase revenue?

Wähle eine oder mehr der folgenden:

  • Increase how much work the firm does

  • Increase Fees

  • Decrease indirect labor

  • Reducing overhead costs

Erklärung

Frage 46 von 62

1

Which of the following is one of the highest percentages of overhead?

Wähle eine der folgenden:

  • Indirect Labor (Personnel who do not directly work on projects)

  • Direct Labor

  • Non-Reimbursable expenses

  • Reimbursable Expenses

Erklärung

Frage 47 von 62

1

What is the typical means for controlling expenses?

Wähle eine der folgenden:

  • Reducing overhead wherever possible

  • Decreasing reimbursable & non reimbursable expenses

  • Increasing how much work the firm does

  • Increasing Fees

Erklärung

Frage 48 von 62

1

Other than the basic accounting reports, which of the following are the typical Planning Reports & Financial Management Reports?

Wähle eine oder mehr der folgenden:

  • Project Progress Report

  • Office Earnings Report

  • Aged Accounts Receivable Report

  • Time Analysis Report

  • Project Cost Accounting

  • Balance Sheet

  • Profit & Loss Statement

  • Accrual Accounting Report

Erklärung

Frage 49 von 62

1

Which of the following apply to Project Progress Reports?

Wähle eine oder mehr der folgenden:

  • Shows the hours & labor costs for each phase of a project, both for the current reporting period, & the total to date, & compares these numbers with the estimated hours & costs

  • Shows direct costs, such as for consultants, overhead allocations, & reimbursable expenses

  • Gives the project manager & firm management an accurate look at the status of a project & can be used to take corrective action as necessary

  • Summarizes each of the firm's projects in terms of the amount of revenue it has generated, the expenses it has incurred, un-billed services, percentage of completion, & profit or loss to date

  • Shows the status of all invoices for all projects, whether or not they have been paid

  • Tracks revenue, expenses, & profit by individual projects

  • Shows how the amount of time spent on specific projects affects the financial health of a firm

Erklärung

Frage 50 von 62

1

Which of the following apply to the Office Earnings Report?

Wähle eine oder mehr der folgenden:

  • Summarizes each of the firm's projects in terms of the amount of revenue it has generated, the expenses it has incurred, unbilled services, percentage of completion, & profit or loss to date

  • Can help firm management find any projects that may be hurting overall profitability & need remedial action

  • Shows the status of all invoices for all projects, whether or not they have been paid

  • Shows the hours & labor costs for each phase of a project, both for the current reporting period, & the total to date, & compares these numbers with the estimated hours & costs

  • Shows direct costs, such as for consultants, overhead allocations, & reimbursable expenses

Erklärung

Frage 51 von 62

1

The office earnings report summarizes each of the firms projects in terms of which of the following?

Wähle eine oder mehr der folgenden:

  • The amount of revenue it has generated

  • The expenses it has incurred

  • Unbilled serivces

  • Percentage of completion

  • Profit or Loss to date

Erklärung

Frage 52 von 62

1

Which of the following apply to Aged Accounts Receivable?

Wähle eine oder mehr der folgenden:

  • Shows the status of all invoices for all projects, whether or not they have been paid

  • Shows the "age" of each invoice, which is the time from the invoice date to the payment date, or to the current date if still unpaid

  • Shows the hours & labor costs for each phase of a project, both for the current reporting period & the total to date, & compares these numbers with the estimated hours & costs

  • Shows direct costs, such as those for consultants, overhead allocations, & reimbursable expenses

  • Give the project manager & firm management an accurate look at the status of a project & can be used to take corrective action as necessary

  • Summarizes each of the firm's projects in terms of the amount of revenue it has generated, the expenses it has incurred, unbilled services, percentage of completion, & profit or loss to date

  • Can help firm management find any projects that may be hurting overall profitability & need remedial action

Erklärung

Frage 53 von 62

1

What is the average collection period of invoices?

Wähle eine der folgenden:

  • Between 60 & 75 Days

  • Between 45 & 60 days

  • Between 75 & 90 Days

  • Between 60 & 90 Days

Erklärung

Frage 54 von 62

1

What is the break-even chargeable ratio (utilization rate) for the whole firm & the targeted rate for technical staff?

Wähle eine der folgenden:

  • 65% for the whole firm & 75%-85% for technical staff

  • 65% for the whole firm & 85%-95% for technical staff

  • 75% for the whole firm & 85%-95% for technical staff

  • 70% for the whole firm & 75%-85% for technical staff

Erklärung

Frage 55 von 62

1

Which of the following are the Financial Ratios?

Wähle eine oder mehr der folgenden:

  • Current Ratio

  • Net Profit before Tax

  • Overhead Rate

  • Quick Ratio

  • Revenue per technical staff

  • Revenue per total staff

  • Billing Rate

  • Utilization Rate

Erklärung

Frage 56 von 62

1

For accounting purposes, a large plotter is considered:

Wähle eine der folgenden:

  • A current asset

  • A fixed asset

  • A liability

  • An overhead expense

Erklärung

Frage 57 von 62

1

Which of the following financial ratios can be used to estimate the required net operating revenue for future budgets, & if the NOR is known, can also estimate staffing levels?

Wähle eine oder mehr der folgenden:

  • Net Operating Revenue Per Technical Staff Member

  • Net Operative Revenue per Total Staff

  • Current Ratio

  • Quick Ratio

Erklärung

Frage 58 von 62

1

Which of the following make up Billing Rates?

Wähle eine oder mehr der folgenden:

  • Employee's Salary

  • The Costs for that Employee's Fringe Benefits

  • The Cost of Office Overhead

  • An Allowance for Profit

Erklärung

Frage 59 von 62

1

How can the hourly billing rate of an employee be determined with the Net Multiplier?

Wähle eine der folgenden:

  • Billing Rate = (Net Multiplier) x (Dollar amount employee is paid hourly)

  • Billing Rate = (Employees Hourly Salary + Fringe Benefits + The Cost of Office Overhead + An allowance for profit)

Erklärung

Frage 60 von 62

1

The Net Multiplier accounts for which of the following?

Wähle eine oder mehr der folgenden:

  • Fringe Benefits

  • Indirect Labor

  • Overhead

  • Profit

  • Hourly Labor Cost per employee

Erklärung

Frage 61 von 62

1

What are the (4) basic steps to collecting accounts receivable?

Wähle eine oder mehr der folgenden:

  • Contract Terms

  • Timely Billing

  • Complete Invoices

  • Regular Procedures for tracking accounts

  • Selection of appropriate project delivery method

Erklärung

Frage 62 von 62

1

Which of the following should be included in the contract regarding fee collection?

Wähle eine oder mehr der folgenden:

  • The basis for the fee

  • When invoices will be sent & in what form

  • When payment is due

  • Any penalties for late payment such as interest charges after 45 day s or some other reasonable period of time

  • Provisions for nonpayment including stopping work on the client's project & making no presentations until the payment has been received

Erklärung

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