Textbook 1-1

Textbook 1-1

12th Grade

10 Qs

quiz-placeholder

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Textbook 1-1

Textbook 1-1

Assessment

Passage

Business

12th Grade

Practice Problem

Easy

Created by

Melanie Johnson Wood

Used 1+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accounting?

A method for tracking inventory levels, orders, sales, and deliveries

The process of planning, recording, analyzing, and interpreting financial information

A technique for managing a company's human resources

A system for managing a company's interactions with current and future customers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a service business?

A business that manufactures goods

A business that sells physical products

A business that performs an activity for a fee

A business that invests in stocks and bonds

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a proprietorship?

A business owned by shareholders

A government-owned business

A business owned by one person

A business owned by two or more people

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the accounting equation?

Assets + Liabilities = Owner’s Equity

Assets = Liabilities - Owner’s Equity

Assets - Liabilities = Owner’s Equity

Assets = Liabilities + Owner’s Equity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by 'Business Entity'?

A government-owned corporation

A partnership between two business entities

A business's financial information recorded and reported separately from the owner's personal financial information

A business operating in the manufacturing sector

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are financial statements?

Documents that summarize the physical inventory of a business

Reports that summarize the financial condition and operations of a business

Letters sent to customers to inform them of new products

Emails sent to shareholders about company meetings

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an asset?

Anything of value that is owned

A document detailing a company's earnings

A liability owed by the company

A report on a company's financial health

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