The Accounting Equation Section 1

The Accounting Equation Section 1

11th Grade

20 Qs

quiz-placeholder

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The Accounting Equation Section 1

The Accounting Equation Section 1

Assessment

Quiz

Mathematics

11th Grade

Medium

CCSS
7.NS.A.1C, HSA.CED.A.2, 6.NS.C.6A

+3

Standards-aligned

Created by

Maya Chavez

Used 325+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Planning, recording, analyzing, and interpreting financial information is called

organizing.

accounting.

profiting.

formatting.

Tags

CCSS.7.NS.A.1C

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial reports that summarize the financial condition and operations of a business are called financial

summaries

records

statements

outputs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business that performs an activity for a fee is called a

proprietorship

corporation

service business

online business

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business owned by one person is called a

proprietorship

corporation

partnership

common-law business

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Anything of value that is owned is called a(n)

expense

asset

liability

possession

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial rights to the assets of a business are called liens.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount remaining after the value of all liabilities is subtracted from the value of all assets is called

profit

loss

owner's equity

account balance

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