What is the purpose of a balance sheet in business financial records?
Business Financial Record Quiz

Quiz
•
Business
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12th Grade
•
Medium
Rosemarie Rellona Womack
Used 10+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To provide a snapshot of a company's financial position
To track employee attendance
To calculate the cost of goods sold
To determine the company's marketing strategy
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between accounts receivable and accounts payable?
Accounts receivable is the money the company has already paid, while accounts payable is the money the company will receive in the future.
Accounts receivable is money owed to the company, while accounts payable is money the company owes to others.
Accounts receivable is the money the company pays to suppliers, while accounts payable is the money owed by customers.
Accounts receivable is money the company owes to others, while accounts payable is money owed to the company.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a cash flow statement?
To track the number of employees in the company
To provide information about the cash generated and used by a company
To measure the company's social media engagement
To monitor the company's inventory levels
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula to calculate the gross profit of a business?
Gross Profit = Revenue + Cost of Goods Sold
Gross Profit = Revenue / Cost of Goods Sold
Gross Profit = Revenue - Cost of Goods Sold
Gross Profit = Revenue x Cost of Goods Sold
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of a general ledger in business financial records?
It provides a complete record of all financial activities.
It is not important for financial records
It is used to track employee attendance
It is only used for recording sales transactions
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of an income statement in business financial records?
To provide a summary of the company's marketing strategies.
To list the company's employees and their salaries.
To show the company's inventory of products.
To show the company's financial performance over a specific period of time.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a profit and loss statement and a balance sheet?
A profit and loss statement shows the company's financial position at a specific point in time, while the balance sheet provides a snapshot of the company's financial performance over a period of time.
Both are financial statements, but the profit and loss statement shows the company's financial performance over a period of time, while the balance sheet provides a snapshot of the company's financial position at a specific point in time.
A profit and loss statement includes assets and liabilities, while the balance sheet includes revenue and expenses.
A profit and loss statement is used for tax purposes, while the balance sheet is used for internal financial analysis.
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