1. When a financial manager studies current reports and compares them with reports from earlier periods to see if established plans are being followed, these reports are called:

a) subsidiary reports.

b) the general ledger.

c) feedback.

d) All of these are correct.

2. True or False? A small company with common stock that is not traded is known as a privately held company.

3. Assume that Payment #1 totals $1,600 ($1,200 principal and $400 interest expense); Payment #2 totals $1,600 ($1,300 principal and $300 interest expense); and the remaining principal balance before these two payments is $50,000. If the amortization schedule's "Remaining Principal Balance" column prior to these payments amounts to $50,000, what is the balance in the column after these payments?

a) $47,500

b) $52,500

c) $53,200

d) $46,800