Financial Literacy
Quiz
•
Professional Development
•
12th Grade
•
Practice Problem
•
Medium
JTM Malik
Used 1+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of inventory?
Office supplies
Land owned by the company
Cash in the bank
Unsold products
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does a liability represent in accounting?
Money owed to suppliers
Cash on hand
Revenue earned
Inventory on hand
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Administrative costs cover expenses related to:
Labor costs for manufacturing
Public relations
Maintenance and repairs on production equipment
Materials used in the final product
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Petty cash is typically used for:
Long-term investments
Small expenses
Paying loans
Purchasing inventory
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of a fixed cost?
Rent expense
Cost of raw materials
Sales commission
Packaging costs
6.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Overhead costs associated with selling and administrative functions include:
Direct materials
Property taxes
Executive office expenses
Maintenance and repairs on production equipment
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Direct labor costs are associated with:
Selling and administrative functions
Manufacturing of a product
Marketing activities
Executive office functions
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