Ag Science Quiz #1

What is a current asset?

• Typically large items used in business which have usable life over one year and go down and value over time

• items of value which take time to turn into cash

• items which can quickly be turned into cash

• the amount of money and item goes down in value according to the IRS

What is a non current asset?

• Typically large items used in the business which have a usable life over one year and go down and value over time

• items of value which take time to turn into cash

• items which can be quickly turned into cash

• the amount of money and item goes down in value according to the IRS

What is depreciation?

• typically large items in the business which have a usable life over one year and go down and value over time

• items of value which take time to turn into cash

• items which can quickly be turned into cash

• amount of money and item goes down in value according to the IRS

What are liabilities?

• typically large items used in the business which have a usable life of over one year and go down and value over time

• money that is owed back after this calendar year

• money that is owed back this calendar year

• money you owe divided into personal and business debts

What are current liabilities?

• typically large items used in business which have a usable life of over one year and go down and value over time

• money that is owed back after this calendar year

• money that is owed back this calendar year

• money you owe divided into personal in business stats

What are non-current liabilities?

• typically large items used in the business which have a usable life of over one year and go down and value over time

• money that is owed back after this calendar year

• money that is owed back in this calendar year

• money you owe divided into personal and business debts

What is inventory?

• items you use in your business that have value

• money those owed back after this calendar year

• money that is owed back this year

• money you owe divided into personal and business debts

What is entrepreneurship?

• items you use in your business that have value

• assuming the risk of owning a business and making all the management decisions

• working for an individual/company in exchange of pay

• is an activity where people earn income providing on-demand work services or goods

What is a gig economy?

• items you use in your business that have value

• assuming the risk of owning a business and making all the management decisions

• working for an individual/company in exchange for pay

• is an activity where people earn income providing on-demand work, services or goods