Basic Accounting Principles

Basic Accounting Principles

8th Grade

10 Qs

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Basic Accounting Principles

Basic Accounting Principles

Assessment

Quiz

Business

8th Grade

Practice Problem

Medium

Created by

Jocelyn Cantu

Used 3+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following represents the amount of revenue generated by a business?

Sales Figure

Costs of Goods Sold

Gross Profit

Net Income

2.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following is derived by subtracting the cost of goods sold from the net sales figures?

Sales Figure

Costs of Goods Sold

Gross Profit

Net Income

3.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following are the costs directly associated with making or acquiring products such as materials purchased from outside suppliers?

Sales Figures

Costs of Goods Sold

Gross Profit

Net Income

4.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following is the amount of money the business has earned after paying income taxes?

Sales Figures

Costs of Goods Sold

Gross Profit

Net Income

5.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following is the correct equation for profit?

Revenue - Expenses = Profit

Revenue + Expenses = Profit

Revenue - Net income = Profit

Revenue - Sales costs = Profit

6.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following represents is the basic accounting equation?

Assets = Liabilities + Owner’s Equity

Assets = Expenses - Revenue

Assets = Net income - Revenue

Assets = Liabilities + Net income

7.

MULTIPLE CHOICE QUESTION

1 min • 10 pts

Which of the following is the most liquid asset?

Real Estate

Stocks

Cash

Machinery

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