Financial Accounting Quiz

What is an asset?

• A liability that a business owes to other entities

• A durable produced good used as a productive input

• A resource owned or controlled by a business

• The total amount of income generated by the sale of goods and services

How are liabilities defined in financial accounting?

• Future sacrifices of economic benefits that a business owes to other entities

• Durable produced goods used as productive inputs

• Resources owned or controlled by a business

• The total amount of income generated by the sale of goods and services

What are capital goods or capital in economics?

• Future sacrifices of economic benefits that a business owes to other entities

• Durable produced goods used as productive inputs

• Resources owned or controlled by a business

• The total amount of income generated by the sale of goods and services

How is equity measured for accounting purposes?

• Future sacrifices of economic benefits that a business owes to other entities

• Durable produced goods used as productive inputs

• Ownership interest in property offset by debts or liabilities

• The total amount of income generated by the sale of goods and services

What is income in finance?

• Future sacrifices of economic benefits that a business owes to other entities

• Durable produced goods used as productive inputs

• Ownership interest in property offset by debts or liabilities

• Consumption and saving opportunity gained by an entity within a specified timeframe

• generate revenue at a local level. They provide funding for everything from parks, to public safety services, to additional funding for schools.

• Sales Taxes

• Property Taxes

• Income Taxes

• All the above

are paid on many sources of income you might earn, like the taxes taken directly from your paycheck.

• Income Taxes

• Personal Taxes

• Safe Taxes

• Sales Tax

are paid by the consumer when buying most goods and services.

• Income Tax

• Equity

• Expenses

• Sales Taxes

All taxes can be divided into how many basic types?

• 5

• 2

• 3

• 10