Unit 6 Business Finance

Unit 6 Business Finance

12th Grade

10 Qs

quiz-placeholder

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Unit 6 Business Finance

Unit 6 Business Finance

Assessment

Quiz

Business

12th Grade

Hard

Created by

Heather Demers-Keller

Used 9+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a liquid asset is

Inventory

Real estate

Money in the bank

A piece of equipment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GAAP can be described as

standards that are written and regulated by the government

legally required that all companies meet GAAP standards

Companies that meet GAAP standards usually use cash basis accounting

GAAP recommends accrual basis accounting

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Regarding accounting equations, assets are equal to two things

Debits + equity

Debits + accounts

Liabilities + equity

Liabilities + accounts

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The costs of running a business are called

Startup costs

Cash flow

Operating expenses

Fixed costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you wanted to make sure a company has enough money available to pay its bills, which financial statement would be most helpful?

Balance sheet

Income statement

Statement of owners' equity

Cash flow statement

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you want to know whether a company had a profit or a loss during a specific period of time, which financial statement would be most helpful?

Statement of owners' equity

Cash flow statement

Balance sheet

Income statement

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If your company uses accrual basis accounting, what do you need to pay special attention to?

Money the company owes

Money that is owed to the company

Cash flow

Revenue

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