Accounting Quiz

Accounting Quiz

9th Grade

15 Qs

quiz-placeholder

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Accounting Quiz

Accounting Quiz

Assessment

Quiz

Financial Education

9th Grade

Medium

Created by

Bassant Elassal

Used 5+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the income statement summarize?

A company's marketing strategies

A company's revenues, expenses, and profits

A company's employee performance

A company's product designs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is accounting essential for businesses?

It helps in designing new products

It ensures compliance with financial regulations

It manages employee schedules

It creates advertising campaigns

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the significance of compliance in accounting?

It ensures adherence to financial regulations and tax laws

It helps in designing new products

It manages employee schedules

It creates advertising campaigns

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for Gross Profit?

Revenue - COGS

Revenue + COGS

Revenue x COGS

Revenue / COGS

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a direct cost in the Cost of Goods Sold (COGS)?

Raw materials

Advertising

Office supplies

Insurance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the balance sheet equation consist of?

Assets = Liabilities + Equity

Assets = Revenue + Expenses

Assets = Income - Expenses

Assets = Liabilities - Equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Current Assets?

Assets expected to be converted into cash or used up within one year

Assets that provide value over time

Assets that are intangible

Assets that are depreciated

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