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

Chapter 1 Vocabulary and the Accounting Equation

Quiz
•
Social Studies
•
12th Grade
•
Medium
James Palmer
Used 2+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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