Depreciation basics
Quiz
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Hard
Michael Frank
Used 25+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
Why do we depreciate assets?
They decline in value over time!
They become obsolete over time!
Wear and tear makes them less valuable!
All of the Above!
2.
MULTIPLE SELECT QUESTION
45 sec • 10 pts
What are the two methods of depreciation we discussed in class? (select 2 answers)
Straight Line
Reducing increasing balance
Double declining balance
Years of Service deductions
3.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
What is one advantage of the double declining balance method?
Most of the depreciation happens later in the asset's life
Depreciation is consistent
More of the depreciation happens early in the asset's life
It eliminates all depreciation.
4.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
What is one advantage of the straight line method?
Most of the depreciation happens later in the asset's life
Depreciation is consistent
More of the depreciation happens early in the asset's life
It eliminates all depreciation.
5.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
Jo-Jo purchases a new machine for her business on January 1 of the current year. The cost is $8,700 and the residual value is $700. She estimates the useful life will be 5 years.
Using the straight line method, what will her first year depreciation be?
$8,000
$1,740
$1,600
$3,200
6.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
Jo-Jo purchases a new machine for her business on January 1 of the current year. The cost is $8,700 and the residual value is $700. She estimates the useful life will be 5 years.
Using the double declining balance method, what will her first year depreciation be?
$8,000
$1,740
$1,600
$3,200
7.
MULTIPLE CHOICE QUESTION
30 sec • 10 pts
Jo-Jo purchases a new machine for her business on January 1 of the current year. The cost is $8,700 and the residual value is $700. She estimates the useful life will be 5 years.
Using the straight line method, what will her second year depreciation be?
$8,000
$1,740
$1,600
$3,200
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