Business Essentials Unit 4 (2023)

The accounting document that shows a business's revenue and expenses is a/an:

• balance sheet

• income statement

• cash flow statement

• statement of owner's equity

Kathy wants to know whether her boutique made or lost money this month. The financial document she should view is her:

• balance sheet

• income statement

• cash flow statement

• statement of owner's equity

Isabelle owns a home cleaning business. She invoices her customers and records the transaction as soon as she finishes each home cleaning. Which type of accounting method is Isabelle using?

• accrual

• cash

• cost

• managerial

The finance activity regarding how to source income is called:

• accounting

• acquiring funds

• administering assets

• making capital investment decisions

The Happy Toys Company Board of Directors has decided to give some of its profits from the year to its shareholders. It has decided to pay a:

• bribe

• dividend

• liability

• tax

Cash is an example of:

• assets

• expenses

• equity

• liabilities

Which represents the inflow of funds into a business?

• cash

• debt

• expenses

• liabilities

The purpose of having accounting standards is to:

• create jobs for people

• avoid experiencing employee conflicts

• create uniformity between financial statements

• produce documents that look professional

Jordan owns a successful landscaping business. Landscaping is an example of a/an:

• input

• inventory

• output

• service

Molly plans out each part of the operations process to ensure the right item is in the right place at the right time. What part of the operations function is this?

• marketing

• logistics

• purchasing

• quality control