Accounts Quiz #1
Authored by Sheree-Ann Lashley
Business
6th - 8th Grade
Used 5+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Premises
Asset
Liability
Capital
Answer explanation
Things OWNED by the business are ASSETS
2.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Loan from a friend
Asset
Liability
Capital
Answer explanation
Things the business OWES to others are LIABILITIES
We owe this friend money and must repay it - it is a liability
3.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Stock
Asset
Liability
Capital
Answer explanation
Things OWNED by the business are ASSETS
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Inventory
Asset
Liability
Capital
Answer explanation
Things OWNED by the business are ASSETS
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Bank Loan
Asset
Liability
Capital
Answer explanation
Things the business OWES to others are LIABILITIES
We owe the bank money and must repay it - it is a liability
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Machinery
Asset
Liability
Capital
Answer explanation
Things OWNED by the business are ASSETS
7.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Overdraft
Asset
Liability
Capital
Answer explanation
Things the business OWES to others are LIABILITIES
An overdraft is money the business owes to the bank
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