Chapter 3 Section 1 Vocabulary

Chapter 3 Section 1 Vocabulary

9th - 12th Grade

9 Qs

quiz-placeholder

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Chapter 3 Section 1 Vocabulary

Chapter 3 Section 1 Vocabulary

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Randall Spaur

Used 10+ times

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Anything of value that a person or business owns and therefore controls.

credit

property

financial claim

assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A legal right to an item.

credit

property

financial claim

equities

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When you buy something and agree to pay for it later.

credit

creditor

financial claim

equities

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The business or person selling you the item on credit.

credit

creditor

assets

equities

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Property and items and value owned by a business.

accounting equation

liabilities

equities

assets

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The accounting term for the financial claims to assets.

accounting equation

liabilities

equities

assets

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The accounting term for the financial claims to assets.

accounting equation

liabilities

equities

owner's equity

8.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The creditor's claims to the assets of the business.

accounting equation

liabilities

equities

owner's equity

9.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

The relationship between assets and the two types of equities (liabilities and owner's equity).

accounting equation

liabilities

equities

owner's equity