What is the term for the money a business makes after all its costs are paid?

• Revenue

• Loss

• Profit

• Expense

Which of the following is a form of advertising?

• A business loan

• A TV commercial

• A company logo

• A business meeting

Which of these is an example of a service business?

• A bakery

• A computer repair shop

• A car manufacturing plant

• A clothing store

What is the primary goal of accounting?

• To create new products

• To help businesses keep track of their financial transactions

• To calculate taxes for the government

• To hire employees

Which of the following is an example of a liability?

• Money a company owes to a supplier

• Cash in the company's bank account

• Equipment owned by the business

• Products a business sells

Which of the following is an example of an expense?

• Money a business owes to a bank

• A company's product sales

• Salaries paid to employees

• The building a business owns

Which of the following is considered a current asset?

• Office furniture

• Cash in the bank

• A building owned by the company

• A company car

What is bookkeeping?

• The process of designing marketing strategies for a business

• The recording of financial transactions in a business

• The act of managing a business's inventory

• The development of a company's website

If a company buys equipment for $5,000, what type of transaction is this?

• Revenue

• Expense

• Asset purchase

• Liability increase

What does equity represent in accounting?

• The total value of a business's assets

• The value of the owner's share of the business

• The money a business owes to suppliers

• The total amount of cash a business has