Basic Accounting Terms Quiz

Basic Accounting Terms Quiz

3rd Grade

9 Qs

quiz-placeholder

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Basic Accounting Terms Quiz

Basic Accounting Terms Quiz

Assessment

Quiz

Business

3rd Grade

Practice Problem

Medium

Created by

SHAMA BALA

Used 1+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is income?

Money spent on buying goods or services

Money saved in a bank account

Money borrowed from a friend

Money received for providing goods or services

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are expenses?

Value of assets

Money earned from selling goods

Costs incurred in the process of generating revenue

Savings in a bank account

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Provide an example of an expense.

Revenue

Rent

Interest

Salaries

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are assets?

Resources owned by a company with economic value

Expenses incurred by a company

Liabilities of a company

Revenue generated by a company

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name two examples of assets.

Cash and real estate

Stocks and bonds

Cars and furniture

Debt and liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are liabilities?

Liabilities are the expenses incurred by a company

Liabilities are the profits earned by a company

Liabilities are the assets owned by a company

Liabilities are the financial obligations or debts that a company owes to others.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Name two examples of liabilities.

Accounts payable, Loans payable

Cash and equivalents

Property, plant, and equipment

Inventory

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