
Vocabulary Quiz (10 Questions) Unit 1
Authored by Nicole Johnson
Life Skills
10th - 12th Grade
Used 7+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an account used to summarize the owner’s equity in a business?
Account Title
Transaction
Capital Account
Assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a formal written document that describes the nature of a business and how it will operate?
Owner's Equity
Accounting System
Agenda
Business Plan
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Accounting Equation?
Assets=Liabilities-Owners Equity
Assets+Accounts Payable=Owners Equity
Assets=Liabilities+Owners Equity
Accounts Receivable =Assets+Accounts Payable
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An asset is:
Liability
Credit
Accounts Payable
Anything of value that is owned
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a planned process designed to compile financial data and summarize the results in accounting records and reports?
Accounting System
Debits and Credits
Equity
Business Ethics
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between the increases and decreases in an account?
Equity
Assets
Account Balance
Normal Balance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of planning, recording, analyzing, and interpreting financial information?
Balancing
Analyzing
Accounting
Capital Account
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