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

Grade 7 Quiz Competition 2024 Q. 16 - 20

Quiz
•
Business
•
6th - 8th Grade
•
Hard
Musthafa Tachaparamben
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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