Chapter 1 Vocabulary and the Accounting Equation

Chapter 1 Vocabulary and the Accounting Equation

12th Grade

30 Qs

quiz-placeholder

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Chapter 1 Vocabulary and the Accounting Equation

Chapter 1 Vocabulary and the Accounting Equation

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

James Palmer

Used 2+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are financial reports that summarize the financial condition and operations of a business?

Financial Statements

Personal Net Worth

Asset

Ethics

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a formal report that shows what an individual owns, what an individual owes, and the difference between the two?

Equity

Net Worth Statement

Liability

Business Ethics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of business performs an activity for a fee, such as landscaping or providing medical services?

Accounting System

Service Business

Liability

Equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a proprietorship?

A business owned by multiple people.

A business owned by one person.

A business owned by a corporation.

A business owned by the government.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a business plan?

A casual conversation about business ideas.

A formal written document describing the nature of a business and how it will operate.

A list of potential business partners.

A summary of past business successes.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is owner's equity?

The total value of all assets.

The amount remaining after liabilities are subtracted from assets.

The total value of all liabilities.

The amount of cash on hand.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a capital account?

An account summarizing the owner’s equity in a business.

An account summarizing the business expenses.

An account summarizing the business profits.

An account summarizing the business debts.

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