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REVIEW FABM

Authored by Jaycel Gesmundo

Mathematics

11th Grade

Used 132+ times

REVIEW FABM
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11 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This is a type of business activity wherein you produce the items to be sold. - This type of business incurs overhead costs aside from the wages and materials used in the production of goods. A rise in price in one of these costs causes an increase in the price of goods produced.

Service

Trading

Merchandising

Manufacturing

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A type of business organization wherein the owners are called members who contribute equitably to the capital of the business. The members are expected to patronize their products and service. This form of business organization is regulated by the CDA.

Cooperatives

Corporation

Partnership

Single/Sole proprietorship

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

They are users with parties outside company and may not be directly involved in the company's operations but their decisions may significantly affect the business entity.

Internal Users

External Users

Side Users

Former Users

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The details of the arrangement between the partners are outlined in a written document called ___________.

Stock Certificate

Articles of Ownership

Partner Certificate

Articles of Partnership

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GAAP stands for:

Generally Accepted Auditing Procedures

Generally Accepted Accounting Procedures

Generally Accepted Accounting Principles

Generally Auditing Accounting Principles

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

These are economic obligations, debts or payables of the business.

Assets

Owner's Equity

Liabilities

Expense

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a business transaction?

Bought furniture of ₹10,000 for business

Paid for salaries of employees ₹5,000

Paid son's fees from her personal bank account ₹20,000

Paid son's fees from the business ₹2,000

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