Acct 1-2 Term 1 Review 1
Life Skills
10th - 12th Grade
Used 3+ times
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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Anything of value that is owned.
Account
Assets
Revenue
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount remaining after the value of all liabilities is subtracted from the value of all assets.
Revenue
Owner's Equity
Personal Net Worth
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A planned process for providing financial information that will be useful to management.
Accounting System
Business Plan
GAAP
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between personal assets and personal liabilities.
Personal Net Worth
Revenue
Owner's Equity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Financial reports that summarize the financial conditions and operations of a business.
Financial Statements
Net Worth Statements
Personal Net Worth
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between assets and liabilities.
Revenue
Owner's Equity
Equity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business that performs an activity for a fee.
Proprietorship
Service Business
Asset
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