plz check homework ...thanks
1. Which one of the following categories makes up the largest
percentage of a child care operating budget?
A. Supplies C. Food
B. Salaries and benefits D. Mortgage or rent
2. Child care operating budgets generally contain a pro forma
income statement. To prepare this statement, you must first
prepare budgets for _______ and _______.
A. estimated income; actual income
B. estimated expenditures; actual expenditures
C. revenues; expenses
D. income; reserves
3. Registration fees usually range from _______ to _______.
A. $15; $50 C. $45; $90
B. $25; $75 D. $50; $100
4. A full-charge bookkeeper
A. is a CPA.
B. is a tax expert.
C. can prepare financial statements.
D. must have child care experience.
5. An aging of accounts receivable performed on April 20 reveals that one of your customers
has owed you $325 since January 15. Which of the following alternatives should you
pursue?
A. Offer additional credit to your clients.
B. Turn the account over to a collection agency.
C. Telephone the customer on a daily basis.
D. Send the customer threatening letters.
6. Which one of these categories would most likely be found in the operating budget of a day
care center?
A. Tables and chairs for classrooms
B. Desks and chairs for the office
C. Deposits for utility services
D. Loan payments
7. If an employer fails to pay state unemployment taxes on a timely basis, the rate on FUTA
taxes will
A. remain the same. C. increase by 100 percent.
B. be lower. D. increase.
8. Consider these three factors: amount reasonable for type of child care program used,
amount necessary to meet financial commitment, and amount charged for other local
programs. These factors are used to determine
A. consultant fees. C. accounts payable.
B. the startup budget. D. the tuition rate.
9. Which of the following financial statements includes the assets, liabilities, and equity
accounts of a business?
A. Income statement C. Operating budget
B. Balance sheet D. Form W-4
10. This financial ratio measures the business’s liquidity:
A. days receivable ratio. C. current ratio.
B. average daily rate ratio. D. profit margin.
11. The Average Daily Rate ratio, often used by outsiders as an evaluation of how much
revenue is earned each day, is usually calculated on the basis of how many days?
A. 360 days C. 365 days
B. Number of days a child care facility is open D. 30 days
12. In the child care business, the term accounts receivable will probably consist of
A. government grants.
B. equipment costs.
C. the system of accounting used by the business.
D. registration and tuition fees.
13. The Income Statement for Tiny Tykes Day Care reveals total revenues of $181,575 and
total expenses of $159,657. The profit margin for Tiny Tykes is
A. 87.9%.
B. 12.1%.
C. 1.2%.
D. impossible to determine from the information given.
Questions 14 and 15 are based on Exam Figure A. Fill in the missing lines in the balance
column of this figure. Then answer Questions 14 and 15.
14. What was the family’s balance after paying you on Jan. 16, 20XX?
A. $0 C. $60
B. $240 D. $420
15. What is the family’s current (most recent) balance?
A. $330 C. $570
B. $210 D. $0
AN INDIVIDUAL FAMILY'S ACCOUNT RECEIVABLE PAGE 1
DATE DESCRIPTION REF DEBIT CREDIT BALANCE
1 Jan. 5, 20XX Week of 1/5 (3 days) 90.00 90.00
2 Jan. 12, 20XX Week of 1/12 (5 days) 150.00 _______
3 Jan. 16, 20XX Payment Received 180.00 _______
4 Jan
16. The Balance Sheet for ABC Day Care has Total Assets of $195,400, Total Liabilities of
$129,500, and Total Owner’s Equity of $57,300. What can we say about ABC Day Care?
A. It’s a very successful business.
B. It has too much debt.
C. Someone made a mistake doing its Balance Sheet.
D. Someone stole $8,600 from ABC.
Use the following table to fill in the Income Statement in Exam Figure B on the next page.
Then answer the question below.
The period from September 1 through September 30.
Sales $1,843.00
Advertising 20.00
Food Services 65.80
Licenses 58.00
Payroll Taxes 136.90
Maintenance 22.50
Rent/Mortgage 520.00
Office Supplies 28.60
Utilities 52.90
Wages 843.00
17. After completing the form in Exam Figure B, you find that there is _______ for the period
from September 1 through September 30.
A. a profit of $95.30 C. a loss of $4.70
B. a loss of $95.30 D. no profit or loss
18. You, the owner of XYZ Day Care, buy a new van for your business. The van costs $20,000,
all of which you borrow from First American Bank. Which of the following correctly
describes the journal entry for this transaction?
A. $20,000 debit to Vehicles, $20,000 credit to Owner’s Equity
B. $10,000 debit to Vehicles, $10,000 credit to Notes Payable
C. $20,000 debit to Vehicles, $20,000 credit to Notes Payable
D. $20,000 debit to Vehicles, $20,000 credit to Accounts Payable
19. A double-entry system of bookkeeping is one in which
A. two separate sets of record books are kept.
B. each transaction consists of just one credit and just one debit.
C. two different people make the entries in the journal as a check on correctness.
D. the credit portion of a transaction must always equal the debit portion.
20. Which of the following taxes must be paid only by the employer?
A. Federal income C. Federal unemployment
B. State D. FICA
1B 2C 3A 4C 5B 6A 7D 8D 9B 10B 11C 12C 13D 14C 15B 16C 17A 18B 19B 20A
I was only able to check your first ten answers because I don't have a background in accounting or bookkeeping.
Although, 8 of your 10 answers are correct, I disagree with numbers 6 and 10.
ok,thanks
You're welcome.
According to Leeds, at snack time, children should be given
_______ of each food for each year of their lives.
A. two tablespoons C. one-quarter cup
B. one tablespoon D. one cup
I can help you check your homework answers. Here are the correct answers for each question:
1. B. Salaries and benefits
2. C. revenues; expenses
3. B. $25; $75
4. C. can prepare financial statements
5. C. Telephone the customer on a daily basis
6. A. Tables and chairs for classrooms
7. D. increase
8. D. the tuition rate
9. B. Balance sheet
10. C. current ratio
11. D. 30 days
12. D. registration and tuition fees
13. B. 12.1%
14. B. $240
15. A. $330
16. B. It has too much debt.
17. A. a profit of $95.30
18. C. $20,000 debit to Vehicles, $20,000 credit to Notes Payable
19. D. the credit portion of a transaction must always equal the debit portion.
20. C. Federal unemployment
If you have any specific questions about any of these answers or how to arrive at them, feel free to ask!