Financial Literacy Quiz

Which of the following is a long-term liability?

• Accounts payable

• Short-term loans

• mortgage

• Wages payable

What is the definition of a current liability?

• A liability that is not easily converted to cash

• A liability that is expected to be paid off within a year

• A liability that is not owned by the company

A loan that a company has to repay to a bank over a period of seven years is a long-term liability.

• True

• False

Money that a company keeps in one of its bank accounts is a liability.

• True

• False

Which of the following is a fixed asset?

• Inventory

• Deposit

• vehicle

• cash

Money that a company has to pay to a supplier in less than a year is a long-term liability.

• True

• False

Which of the following is a current asset?

• property

• vehicle

• machinery

• Inventory

Which of the following is an intangible asset?

• Land

• Building

• Patent

• Inventory

After the economic downturn, many small businesses went (a)   （破产的）

The store offered a 30% (a)   （折扣） on all items during the Black Friday sale.