Basic accounting principles ICEV

Basic accounting principles ICEV

9th - 12th Grade

15 Qs

quiz-placeholder

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Basic accounting principles ICEV

Basic accounting principles ICEV

Assessment

Quiz

Business

9th - 12th Grade

Medium

Created by

Haley Nicholson

Used 4+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are the costs directly associated with making or acquiring products such as materials purchased from outside suppliers?

sales figures

cost of goods sold

gross profit

net income

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the amount of money the business has earned after paying income taxes?

sales figures

cost of goods sold

gross profit

net income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the correct equation for profit?

revenue - expenses = profit

revenue + expenses = profit

revenue - net income = profit

revenue - sales cost = profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following represents the amount of revenue generated by a business?

sales figures

cost of goods sold

gross profit

net income

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is derived by subtracting the cost of goods sold from the net sales figures?

sales figures

cost of goods sold

gross profit

net income

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is the most liquid asset?

real estate

stocks

cash

machinery

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a current asset?

checking accounts

accounts receivable

money market accounts

land

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