Key Accounting Concepts Quiz

Key Accounting Concepts Quiz

7th Grade

7 Qs

quiz-placeholder

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Key Accounting Concepts Quiz

Key Accounting Concepts Quiz

Assessment

Quiz

Business

7th Grade

Practice Problem

Easy

Created by

Amy Belelie

Used 1+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is defined as money or possessions used to start a business?

Income

Capital

Expenses

Assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an asset?

Rent Expense

Loans

Salary

House / Building

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between income and expenses when income is more than expenses?

Savings

Profit

Loss

Budget

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for a financial action between two parties where money or something of value is exchanged?

Capital

Liabilities

Transaction

Banking

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a liability?

Groceries

Interest Received

Clothing Account

Rent Income

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a fixed expense?

School Fees

Groceries

Dining Out

Entertainment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the process of planning, organizing, and controlling financial activities?

Accounting

Marketing

Management

Production

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