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Chapter 20: 10-Q and 10-K Filings Quiz
Test your knowledge of the 10-Q and 10-K filings chapter material!
1 / 10
Both 10-Ks and 10-Qs must be audited by outside accounting firms.
The answer can be found on page 218.
That’s right! The 10-K must be audited by an outside accounting firm, while the 10-Q is often simply “reviewed” – a less rigorous standard.
2 / 10
What item number in the 10-K is reserved for future SEC rulemaking?
The answer can be found on page 219.
Correct! Item 4 has no required information, but is reserved by the SEC for future rulemaking.
3 / 10
If you’re trying to understand a company’s vulnerability to currency fluctuations, commodity prices, or interest rate shifts, which is the best section to look at?
The answer can be found on page 220.
That's right!
4 / 10
All public companies end their fiscal year on Dec 31.
The answer can be found on page 214.
That’s right! While many companies end their fiscal year on Dec. 31, many others don’t. For example, many retailers end their fiscal year on Jan. 31 to capture the full Christmas-to-New Year’s selling season in one quarter.
5 / 10
What part of the 10-K contains similar information to proxy statements?
The answer can be found on page 222.
Correct! Check these sections for information about directors and top executives, including compensation, stock holdings, and potential conflicts of interest.
6 / 10
What part of the 10-K goes most deeply into the numbers and financial activities?
Correct!
7 / 10
The statement of cash flows includes cash from what kind of activities?
The answer can be found on page 217.
That's right. The statement of cash flows includes cash from all of these activities. It also includes supplemental information from taxes and interest paid.
8 / 10
A balance sheet in the 10-Q is what?
The answer can be found on page 216.
Correct! The balance sheet is where the company’s books stand at the close of business on a specific day — the last day of the quarter (or year). It doesn’t tell you much about what happened over the course of the quarter unless you compare it with a previous balance sheet.
9 / 10
Which of these is not listed under the tips and tricks section of the chapter?
The answer can be found on pages 223-226.
10 / 10
Some private and foreign companies also issue quarterly and annual reports.
The answer can be found on page 215.
Correct! Foreign companies often issue the same reports but they do not have to follow SEC guidelines, and their reports may look very different from the 10-Q & 10-K.
Your score is
The average score is 65%
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