Business Essentials - 4.01

Business Essentials - 4.01

Assessment

Flashcard

Other

9th - 12th Grade

Hard

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20 questions

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1.

FLASHCARD QUESTION

Front

The process of keeping the financial records of a business is known as:

Back

Accounting

2.

FLASHCARD QUESTION

Front

Why are accurate accounting records important to a business?

Back

They show how the business is doing.

3.

FLASHCARD QUESTION

Front

A creditor is most likely to examine a business's financial accounting records if the business is applying for a bank loan.

Back

applying for a bank loan

4.

FLASHCARD QUESTION

Front

For an accounting system to be useful to the business, the accounting information it contains must be

Back

accurate and up to date

5.

FLASHCARD QUESTION

Front

Which of the following is a true statement:
Bookkeeping is the same as accounting
Bookkeeping is limited to information on sales
Bookkeeping does not use computers
Bookkeeping records business transactions

Back

Bookkeeping records business transactions

6.

FLASHCARD QUESTION

Front

Which financial report provides estimates of when, where, and how much money will come into and out of a business next year? Options: Cash flow statement, Income statement, Balance sheet, Bank statement

Back

Cash flow statement

7.

FLASHCARD QUESTION

Front

Finance is the business function that involves managing

Back

Money

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