Show Me the Money LAP Test

Show Me the Money LAP Test

9th - 12th Grade

20 Qs

quiz-placeholder

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Show Me the Money LAP Test

Show Me the Money LAP Test

Assessment

Quiz

Computers

9th - 12th Grade

Hard

Created by

Flexcia Dowell

Used 2+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The process of keeping the financial records of a business is known as

  1. accounting.

  1. controlling.

  1. financing.

  1. bookkeeping.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The overall purpose of accounting is to

  1. keep track of sales.

  1. control the finances of the business.

  1. maintain accurate reports.

  1. compile the business’s expenses.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Why are accurate accounting records important to a business?

  1. They increase the return on investments.

  1. They give the business an image of success.

  1. They show how the business is doing.

  1. They prevent any financial losses.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Which of the following groups makes regular use of a business’s managerial accounting information:

  1. Creditors

  1. Investors

  1. Customers

  1. Supervisors

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. A creditor is most likely to examine a business’s financial accounting records if the business is

  1. using cash accounting.

  1. complying with regulations.

  1. selecting a new market.

  1. applying for a bank loan.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. Riley is an employee of the federal government who studies the financial reports of major businesses in a specific industry. The government’s purpose in assigning this task to Riley is to

  1. determine creditworthiness.

  1. search for profitable investments.

  1. identify trends in the industry.

  1. decide if funds are available for pay raises.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. For an accounting system to be useful to the business, the accounting information it contains must be

  1. approved by the chief executive officer.

  1. accurate and up to date.

  1. posted by an accountant.

  1. recorded using the accrual method.

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