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FABM 1 SUMMATIVE QUIZ

Authored by Regina Cuyahon

Financial Education

11th Grade

Used 2+ times

FABM 1 SUMMATIVE QUIZ
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6 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ are resources owned and managed by the business.

Liabilities

Assets

Owners' Equity

Revenues

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ represent the obligations of a business to pay debts.

Liabilities

Assets

Equity

Revenues

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is the residual interest in the assets of the entity after deducting liabilities.

Assets

Liabilities

Owners' Equity

Expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ are the economic benefits that a business earns from its operations.

Revenues

Liabilities

Expenses

Assets

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

What is another term for Liabilities.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

________ are the costs incurred by a business in the process of earning revenue.

Expenses

Liabilities

Assets

Equity

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