Ch 16 Section 1 Review

Ch 16 Section 1 Review

Assessment

Flashcard

Business

9th - 12th Grade

Practice Problem

Easy

Created by

Wayground Content

Used 1+ times

FREE Resource

Student preview

quiz-placeholder

8 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is used by the owners and managers to make decisions about the business? Options: Tax forms, Adjusted Trial Balance, Financial Statements

Back

Financial Statements

2.

FLASHCARD QUESTION

Front

Which Accounting concept is it when financial information must be reported the same from one fiscal period to the next?

Back

Consistent Reporting

3.

FLASHCARD QUESTION

Front

What is the term for revenue earned by a business from its normal business operations?

Back

Operating Revenue

4.

FLASHCARD QUESTION

Front

How do you calculated net sales?

Back

Sales - Sales discount + Sales return and allowance

5.

FLASHCARD QUESTION

Front

The original price of all merchandise sold during a fiscal period is

Back

Cost of merchandise sold

6.

FLASHCARD QUESTION

Front

What is the operating Revenue remaining after the cost of merchandise sold has been documented?

Back

Gross profit

7.

FLASHCARD QUESTION

Front

These are expenses incurred by a business in its normal operations: Operating expenses, Operating revenue, Income from operations

Back

Operating expenses

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?