BASIC ACCOUNTING TERMS QUIZ

Assets taken out of a business for the owner's personal use

• capital
• withdrawals
• equities
• revenue

Amount owed by a business

• liability
• asset
• capital
• account

Anything of value that is owned

• account
• asset
• withdrawal
• expense

A business owned by one person

• service business
• revenue
• expense
• proprietorship

Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)

• Profit
• Overhead
• Income
• None of the above

What is assets? 

• Cash in the business
• Anything that a creditor has financial claim to 
• What remains after liabilities are paid 
• any item or property owned by the business

Bank Overdraft

• Cash and Cash Equivalents
• Trade and Other Payables
• Non current Liabilities
• Current Liabilities

A Bank Loan is classified as a:

• Revenue

• Expense

• Asset

• Liability

Which of the following items would not fall under the definition of an asset ?

• Creditors

• Debtors

• Cash

• Machinery

Goodwill is a

• Tangible assets

• Liquid assets

• Intangible assets

• Intangible Liabilities