Finance

Which of the following is the CORRECT Accounting Equation

• Income-Expenses=Gross Income

• Assets+Liabilities=Net Income

• Assets-Liabilities=Net Worth

• Income-Expenses=Net Income

Which profession would be the highest level?

• Entry level accountant

• CPA

• Controller Accountant

• CFO

• Cost Accountant

Which of the following would be a good example of an asset?

• A stock account

• A car loan

• A home loan

• A credit card bill

• College Student loan

Which of the following would be a GOOD example of a liability?

• Jewelry

• Playstation Console

• Savings Account

• Student Loan

• A 401k

Something valuable that you own is a?

• Asset

• Liability

• Owner's Equity

• Account

• Net Worth

Something you "owe" is known as a?

• Liability

• Asset

• Owner's Equity

• Account

• Expense

A personal budget is essentially the same thing as

• An Income Statement

• A Balance Sheet

• A statement of savings

• A credit statement

Which of the following would NOT appear on an income statement

• Expenses

• Gross Income

• Income

• Liabilities

• Net Income

Which financial statement is a SNAPSHOT of how a business is currently doing?

• An Income Statement

• A budget

• A balance sheet

• A quarterly budget

• A quarterly earnings report

Which account would a corporation want to be the highest?

• Assets

• Liabilities

• Expenses

• Debt

• Accounts payable