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Unit 9: Multiple Choice 1. Which of the following must be deducted from gross collectible...

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Accounting

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Unit 9: Multiple Choice 1. Which of the following must be deducted from gross collectible income to arrive at net income? a. Laundromat fees b. Back rent payments c. Vacant space d. Vending contracts 2. Fixed expenses refer to expenses that a. fluctuate every year. b. are put aside for improvements. c. do not fluctuate with the amount of occupancy. d. increase or decrease with the amount of occupancy. 3. When both fixed and variable expenses are deducted from gross collectible income, the result is a. net operating income. b. effective gross income. c. potential gross income. d. personal income. 4. Which portion of debt service should be considered an expense on the profit and loss statement? a. Principal and interest b. Interest portion only c. Principal portion only d. Neither principal nor interest is considered on the profit and loss statement 5. The per-unit fee of a small property should be a. decreased in buildings with problem tenants. b. decreased where there is deferred maintenance. c. increased whenever possible. d. increased due to inefficient decentralization

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