Principles of Business - Ch 17-19 Review

What type of account is this: Money the business owes to its vendors for buying merchandise on account (buying without paying cash)

• Owner's Equity

• Liability

• Asset

What type of account is this: Office Supplies

• Asset

• Liability

• Owner's Equity

Any transaction a business makes results in an action to at least 2 different accounts. What are the two actions that must occur?

• A credit and a reduction in cash

• an increase and a decrease

• A debit and a credit

• A debit and a charge to a credit card

If Assets are $19,500 and Owner's Equity is $14,300, how much is in the Liabilities accounts?

• $5200

• $19500

• $33800

Which of the following DOES NOT represent the accounting equation?

• Assets - Owner's Equity = Liabilities

• Assets - Liabilities = Owner's Equity

• Assets = Liabilities - Owner's Equity

• Assets = Liabilities + Owner's Equity

You fill this form out when you first start a new job. You use this form to prove that you are eligible to work in the US

• W2

• 1099

• 1040

• W4

• I9

This is the form that you use to file your personal tax returns.

You complete this form every April. 

• W2

• 1099

• 1040

• W4

• I9

You receive this form when you first start a job. You list information about yourself and your family. This tells your employer how much taxes to take out of your paycheck. 

• W2

• 1099

• 1040

• W4

• I9

You get one of these forms if you were paid by the company but are not an employee of the company. You usually receive this in January. You more than likely didn't get taxes taken out of your pay if you get one. 

• W2

• 1099

• 1040

• W4

• I9

This form is a summary of what you earned and how much you paid in taxes.

Employees receive in January

• W2

• 1099

• 1040

• W4

• I9