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3.  A gradual reduction in the value of machinery, a vehicle or other asset over a particular period of time.

• A.   Depreciation

• B.   Decease

• C.   Fall

• D.   Drop

4.  An equation showing the relationship among assets, liabilities, and owner's equity Assets = Liabilities + Owner's Equity.

 

• A. accounting records                                                    

•   B. balance sheet

• C. accounting equation                                                  

•   D. income statement

5.  An amount that is written in a company’s account to show a decrease in the money the company owes.

 

• A. capital

• B. interest

• C. debit

• D. credit

A list of all employees and their wages.

• A. salary

• B. income

• C. revenue

• D. payroll

An accounting record where all business transactions are INITIALLY entered.

 

• A. ledger

• B. book

• C. record

• D. journal

Money that is spent to purchase goods or services provided by someone else.

 

• A. expense

• B. capital

• C. return

• D. revenue

9.  A detailed summary of a person's or a company's financial condition at a specific point in time, taking into account their assets, liabilities, etc.

 

 

• A. profit and loss account

• B. income statement

• C. cash flow

• D. balance sheet

Something that is legally owned by a person or company.

 

 

• A. money

• B. property

• C. capital

• D. loan

Cash or something that is easily convertible into cash.

 

• A. coins

• B. assets

• C. liquid assets

   

• D. liquid

12.

Money remaining after all expenses and taxes have been paid.

• A. outcome

• B. expense

• C. net worth

• D. net income