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Accounting Chapter 1

Authored by Mike Driscoll

Business

11th Grade

Used 6+ times

Accounting Chapter 1
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21 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for Net Worth?

Assets = Liabilities + Owner's Equity

Assets - Liabilities

Assets + Liabilities

Liabilities - Assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Accounting Equation?

Assets - Liabilities = Net Worth

Assets = Liabilities + Owner's Equity

Assets + Liabilities + Net Worth

Assets x Liabilities - Owner's Equity

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best definition of an ASSET?

Something valuable that you own

Something you owe money on

How much a company is worth

The owner's investment in the company

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best definition of LIABILITY?

Something valuable that you own

Something you owe money on

How much a company is worth

The owner's investment in the company

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why would you need to make a Net Worth Statement?

To include on job applications

To include on your resume

To show a bank in order to open a checking account

To show a bank in order to get a loan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business that performs an activity for a fee is called a...

service business

sole proprietorship

retail business

non-profit business

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Michael Delgado owns and operates his company by himself, this is known as a...

Proprietorship (sometimes called a Sole Proprietorship)

Partnership (sometimes called "Partners")

A limited liability corporation (An LLC)

A corporation (corp.)

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