Financial Concepts exercise

Financial Concepts exercise

5th Grade

10 Qs

quiz-placeholder

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Financial Concepts exercise

Financial Concepts exercise

Assessment

Quiz

Business

5th Grade

Practice Problem

Hard

Created by

Yeukai Issa

Used 3+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Another name for revenue

Capital

expenses

profit

drawings

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Drawings are ___________________

money that is withdrawn by business owner for personal use

Money used to pay salaries

Money withdrawn for petty cash use

Revenue used to start a business

3.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Money used to start a business is called

debtors

debit entry

Investments

capital

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

What are salaries used for?

To pay for drawings

To pay for any expense in the business

To pay employees for the work thy do

To pay the board members of the company of the small business

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Account payable is used to pay for--------

Money owed by the business to it's suppliers

Goods that we brought on credit

Money received by the business from it's creditors

Goods that we sold on credit

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Posting errors are found in__________

cash book

General journal

trial balance

balance sheet

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Double entry is _______________

An accounting term which states that cash transactions are repeated

An accounting term that states that all transactions are written twice

An accounting term stating that every financial transaction has equal and opposite effects in at least two different accounts.

An accounting term which states that debit entries are superior to credit entries

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