Principles of Finance

[libartsmgr]

Ana,

Yes! I always think of that too!

I even did a google search to see if Snazzlefrag was perhaps a character on Fraggle Rock, but it wasn't!

OMG!! That's so funny - I thought it was just me that thought the name was a Fraggle Rock reference! And it's very clever! I so NOT known for being clever! lol!

As for the Accounting exam, I ended up backing out of it, I thought it would fairly easy for me since I did fine on both economics exams and I've some previous "real world" experience with P&L's. But it was really overwhelming for me.

If you looking to get credits and don't specifically need Accounting for your degree, my recommendation would be to go for one the other "easier" exams. I can't remember - have you already taken Analyzing Lit/Social Science...

[snazzlefrag]

OMG!! That's so funny - I thought it was just me that thought the name was a Fraggle Rock reference! And it's very clever! I so NOT known for being clever! lol!

As for the Accounting exam, I ended up backing out of it, I thought it would fairly easy for me since I did fine on both economics exams and I've some previous "real world" experience with P&L's. But it was really overwhelming for me.

If you looking to get credits and don't specifically need Accounting for your degree, my recommendation would be to go for one the other "easier" exams. I can't remember - have you already taken Analyzing Lit/Social Science...

Hi Libartsmgr,

I don't specifically need Accounting for a Psych degree. However, I am also trying to include most of the requirements for a business degree as I go along. Since Accounting is changing to a 3-credit CLEP next year, and since I am already studying a "financial" type of course, I thought I might go for the accounting exam to try and optimize my time.

So while I don't NEED to take it, I do WANT to take it at some point...and right after the Principles of Finance seems like a good time to get it over with. I just thought I'd ask for feedback, to see what others think.

If it is worth taking the two exams close together, I can just push back my Civil War exam until after I take Accounting.

But I'm just thinking out loud at this stage.

Also, I already took Analyzing Lit back in November. I am not planning on taking Social Science (I already have a gazillion Social Science credits).

[Kiwi Lover]

Hey Snazz,

Yes, that is an EXCELLENT idea to take those two tests close together, because I am sure there will be a lot of overlap, especially in terms of financial statements, etc.

By the way, that booklet is on its' way to you now...

Happy studying! hilarious hilarious

[snazzlefrag]

Hey Snazz,

Yes, that is an EXCELLENT idea to take those two tests close together, because I am sure there will be a lot of overlap, especially in terms of financial statements, etc.

By the way, that booklet is on its' way to you now...

Happy studying! hilarious hilarious

Thanks Kiwi Lover!

Yes, it was the mention of 'financial statements' on BOTH exam descriptions that got me thinking about maybe taking them both in the same general time frame.

I would hate to learn all this info for Principles of Finance, and then have to study it all again from scratch way down the line when I am ready to take Principles of Accounting.

[adrian]

Ok tomorrow will be my first time taking a CLEP/DANTES exam. Can I bring in calculator? I'll be taking Principles of Accounting.

Thanks

[dhlvrsn]

Calc is built into the software.

[snazzlefrag]

Ok tomorrow will be my first time taking a CLEP/DANTES exam. Can I bring in calculator? I'll be taking Principles of Accounting.

Thanks

Adrian,

dhlvrsn is correct in saying that, when allowed, the calculator is built in to the CLEP software. However, I don't think a calculator is allowed on the CLEP Principles of Accounting exam. But I also believe that all the calculations are of a very basic nature (+-/x), and so a calculator is not necessary.

Hope that helps,
Snazzlefrag

[snazzlefrag]

Ok tomorrow will be my first time taking a CLEP/DANTES exam. Can I bring in calculator? I'll be taking Principles of Accounting.

Thanks

P.S. Best of luck on your exam tomorrow!
hilarious

[libartsmgr]

Hi Libartsmgr,

I don't specifically need Accounting for a Psych degree. However, I am also trying to include most of the requirements for a business degree as I go along. Since Accounting is changing to a 3-credit CLEP next year, and since I am already studying a "financial" type of course, I thought I might go for the accounting exam to try and optimize my time.

So while I don't NEED to take it, I do WANT to take it at some point...and right after the Principles of Finance seems like a good time to get it over with. I just thought I'd ask for feedback, to see what others think.

If it is worth taking the two exams close together, I can just push back my Civil War exam until after I take Accounting.

But I'm just thinking out loud at this stage.

Also, I already took Analyzing Lit back in November. I am not planning on taking Social Science (I already have a gazillion Social Science credits).

Sounds like you've got a plan. Good luck I'm sure you hit it outta the park!

[snazzlefrag]

Hi All,

I just took the Thomas Edison 20-question mock exam for Principles of Finance. I only got two wrong....I'm happy with that.

One of my wrong answers was a silly mistake. But I can't figure out the reasoning behind the other question I got wrong.

Maybe an accounting/math/finance guru can help me understand how TESC came up with the answer they did.

Here's the question:

------
A firm has a current ratio of 2.4, a quick ratio of 1.5, an inventory turnover of 6 times, and current liabilities of $600,000. What is the firm's level of sales?

a. $1,420,000
b. $1,960,000
c. $2,160,000
d. $3,240,000 <---- Correct Answer
------

I understand each of the individual elements contained in the question. But I can't figure out how to put it all together to find the "level of sales".

Can anyone help?