Depreciation basics

Depreciation basics

9th - 12th Grade

10 Qs

quiz-placeholder

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Depreciation basics

Depreciation basics

Assessment

Quiz

Business

9th - 12th Grade

Hard

Created by

Michael Frank

Used 25+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Why do we depreciate assets?

They decline in value over time!

They become obsolete over time!

Wear and tear makes them less valuable!

All of the Above!

2.

MULTIPLE SELECT QUESTION

45 sec • 10 pts

What are the two methods of depreciation we discussed in class? (select 2 answers)

Straight Line

Reducing increasing balance

Double declining balance

Years of Service deductions

3.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is one advantage of the double declining balance method?

Most of the depreciation happens later in the asset's life

Depreciation is consistent

More of the depreciation happens early in the asset's life

It eliminates all depreciation.

4.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is one advantage of the straight line method?

Most of the depreciation happens later in the asset's life

Depreciation is consistent

More of the depreciation happens early in the asset's life

It eliminates all depreciation.

5.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Jo-Jo purchases a new machine for her business on January 1 of the current year. The cost is $8,700 and the residual value is $700. She estimates the useful life will be 5 years.

Using the straight line method, what will her first year depreciation be?

$8,000

$1,740

$1,600

$3,200

6.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Jo-Jo purchases a new machine for her business on January 1 of the current year. The cost is $8,700 and the residual value is $700. She estimates the useful life will be 5 years.

Using the double declining balance method, what will her first year depreciation be?

$8,000

$1,740

$1,600

$3,200

7.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Jo-Jo purchases a new machine for her business on January 1 of the current year. The cost is $8,700 and the residual value is $700. She estimates the useful life will be 5 years.

Using the straight line method, what will her second year depreciation be?

$8,000

$1,740

$1,600

$3,200

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