
Basic Accounting Terms Quiz

Quiz
•
Business
•
3rd Grade
•
Medium
SHAMA BALA
Used 1+ times
FREE Resource
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
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a balance sheet?
A recipe for making a cake
A financial statement that shows a company's financial position at a specific point in time, including its assets, liabilities, and shareholders' equity.
A list of employees' work schedules
A map of the world
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the purpose of a balance sheet.
To provide a snapshot of a company's financial position
To measure customer satisfaction
To track employee attendance
To determine the company's marketing strategy
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