Are you running a company or a store or just a management student? Take this Store management quiz and see how much you know about handling a company. The quiz is designed in such a way that it will test your management knowledge and contains many situation-based questions that will help you make the best decision. The quiz contains easy, medium to hard-level questions. So if you are willing to be a good manager, then take this quiz and assess your level. All the best!
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False
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All of these answers are correct
Earns net income from buying and selling merchandise
Buys products from manufacturers and sells to retailers
Buys products from manufacturers and sells them to consumers
Reports cost of goods sold on the income statement
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Moving weighted average
Weighted multiples
Both 1 and 2
Neither 1 nor 2
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Weighted-average
Specific identification
Retail
Average costing
FIFO
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True
False
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True
False
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Is used to analyze profitability
Is used to measure solvency
Measures how quickly a firm sells its merchandise inventory
Validates the acid-test ratio
Depends on the type of inventory valuation method
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$ 200
$1,564
$1,568
$1,600
$1,800
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True
False
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2.40
3
.33
.42
12
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Cost of goods sold
Gross profit
Net income
All of these answers are correct
Gross profit and net income
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True
False
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Requires that when a change in inventory cost flow assumption is made, the notes to the statements report the type of change
Requires that when a change in inventory cost flow assumption is made, the notes to the statements report the justification for the change
Requires that any change in net income due to changes in the inventory cost assumption be disclosed
Does not require a company to use one cost flow assumption exclusively
All of these answers are correct
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Gives a continuous record of the amount of inventory on hand
Uses a Purchases account for the cost of new merchandise purchased
Was historically used by companies that sold large quantities of low-balance items
Is not widely used in practice
All of these answers are correct
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$3,500
$3,800
$3,960
$3,280
$3,640
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True
False
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True
False
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Specific identification
Average cost
Weighted-average
Retail Cost
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Quiz Review Timeline (Updated): Sep 2, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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