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Lessons 1 - 4 Quiz

Authored by Rose-Marie Brophy

Business

9th - 12th Grade

Lessons 1 - 4 Quiz
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Accounting Equation is -

Assets = Owner's Equity - Liabilities

Assets = Liabilities + Owner's Equity

Assets = Liabilities - Owner's Equity

Assets + Liabilities = Owner's Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Every business transaction only affects ONE account

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an ASSET account

Accounts Payable

Owner's Capital

Cash

Service Revenue

4.

DRAG AND DROP QUESTION

1 min • 1 pt

Borrowing $10,000 from the bank (a)   Cash and ​ (b)   Loans Payable

Increases
Decreases

5.

DRAG AND DROP QUESTION

1 min • 1 pt

Paying $500 for Rent Expense affects which accounts?​ (a)   and​ (b)  

Cash
Rent Expense
Equipment
Accounts Payable

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Amazon buys $1000 of supplies for cash. What happens?

Assets Increase

Liabilities Increase

Assets Increase

Owner's Equity Increases

2 Assets Increase

2 Liabilities Increase

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a Liability account?

Supplies

Accounts Receivable

Accounts Payable

Advertising Expense

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