Balance sheet

A document showing assets, liabilities and equity is called ...

• statement of cash flow

• statement of earnings

• statement of financial position

• income statement

The company records most of its purchases in ...

• accounts payable

• accounts receivable

• invoices

• receipts

What is NOT an asset?

• land

• patent

• mortgage

• warehouse

Assets are things that you ..

• own

• owe

Liabilities are things that you ..

• own

• owe

An amount of money that a person or company owes is

• a current asset

• a fixed asset

• a loan

• a debt

A company's good reputation with existing customers is called

• good name

• good brand

• goodwill

• good company

Bonds are

• tangible assets

• intangible assets

• current liabilities

• long-term liabilities

Money that you borrow from a bank to buy a house or property is ..

If you design a new product, or a new process, you can apply for a ...... This gives the legal right to be the only person to make, use or sell it. It lasts for a limited period of time.

• copyright

• patent

• trademark