Balance Sheet Quiz 3

What is the balance sheet?

• A statement of financial position

• A statement of income

• A statement of cash flow

• A statement of expenses

Why is it important to understand the balance sheet?

• To prepare for funding

• To determine financial health

• To assess risk

• All of the above

Tags

NGSS.HS-ESS3-2

NGSS.HS-ETS1-3

What are the three major financial statements?

• Balance sheet, income statement, cash flow statement

• Balance sheet, expense statement, cash flow statement

• Balance sheet, income statement, revenue statement

• Balance sheet, expense statement, revenue statement

What is the basic accounting equation?

• Assets = Liabilities + Equity

• Assets = Liabilities - Equity

• Assets + Liabilities = Equity

• Assets - Liabilities = Equity

What are current assets?

• Short-term assets that can be converted into cash within one year

• Long-term assets that can be converted into cash within one year

• Short-term assets that can be converted into cash within five years

• Long-term assets that can be converted into cash within five years