Grade 7 Quiz Competition 2024 Q. 16 - 20

Grade 7 Quiz Competition 2024 Q. 16 - 20

6th - 8th Grade

5 Qs

quiz-placeholder

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Grade 7 Quiz Competition 2024 Q. 16 - 20

Grade 7 Quiz Competition 2024 Q. 16 - 20

Assessment

Quiz

Business

6th - 8th Grade

Hard

Created by

Musthafa Tachaparamben

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common expense for a sole trader?

Dividend payments

Salaries of employees

Interest income

Depreciation of personal assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How often should a sole trader prepare their financial statements?

Once a year

Monthly

Quarterly

All of the above, depending on needs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which financial statement shows the financial position of a sole trader at a specific point in time?

Profit and Loss Statement

Cash Flow Statement

Balance Sheet

Income Statement

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a balance sheet?

A statement showing cash flow for the year

A financial statement that shows assets, liabilities, and equity

A document for tax reporting

A list of company's expenses for the year

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a liability on the balance sheet?

Inventory

Accounts receivable

Accounts payable

Revenue