Assets and Liabilities

Is it an asset or a liability? Petrol for a taxi company

• Asset

• Liability

Asset or Liability: Cash in a sweet shop

• Asset

• Liability

Asset or Liability: Mortgage taken out by the sweet shop

• Asset

• Liability

Asset or Liability? A phone bill

• Asset

• Liability

An overdraft is when you spend more money than you have in your bank account - is that an asset or a liability?

• Asset

• Liability

Which of the following is an example of a current asset?

• Cash

• Car

• Mortgage

• Overdraft

Which of the following is a current asset

• Money owed to suppliers

• Money owed to the business by customers (debtors)

• Car

• Shop

How long will a business plan to keep a fixed asset

• More than one year

• Less than one year

• Less than one month

• Less than one day

Why will a business want to sell a fixed asset (pick two)

• They no longer need it

• To raise money if they can't pay their bills

• For fun

Which of the following is not a fixed liability?

• Mortgage

• Loan

• Credit card