Acct - Ch 1 Vocab

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quiz-placeholder

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Acct - Ch 1 Vocab

Acct - Ch 1 Vocab

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Kara Damm

Used 1+ times

FREE Resource

26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_ is the process of planning, recording, analyzing, and interpreting financial information.

Accounting

Accounting system

Financial Statements

Equity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Financial reports that summarize the financial condition and operations of a business are called _.

Net worth statement

Business statement

Financial Statements

Personal net worth

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A planned process designed to compile financial data and summarize the results in accounting records and reports is known as (a/an) _.

Net worth statement

Accounting system

Financial Statements

Personal net worth

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A formal report that shows what an individual owns, what an individual owes, and the difference between the two.

Net worth statement

Net worth system

Net worth liability

Personal net worth

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_ is anything of value that is owned.

Asset

Net worth system

Liability

Equity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount owed is called a _.

Asset

Net worth system

Liability

Equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between personal assets and personal liabilities is called _.

personal net worth

business net work

financial statements

accounting

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