Which of the following describes any resource owned or controlled by an individual, organization, or entity that holds economic value and can be used to generate benefits, such as revenue, cost savings, or other advantages?

• Asset

• Liability

• Revenue

• Equity

Which of the following describes a financial obligation or debt that an individual, organization, or entity owes to others, arising from past transactions or events, and is expected to be settled through the transfer of money, goods, or services in the future?

• Asset

• Liability

• Revenue

• Equity

Which of the following describes the ownership value in an asset or business after all liabilities or debts are deducted. It represents the residual interest or value that belongs to the owners or shareholders.

• Asset

• Liability

• Revenue

• Equity

Which financial term describes the management of money and other financial resources within a business to ensure its operations, growth, and long-term success?

• Business Finance

• Personal Finance

• Financial Plan

• Financial Capital

Which financial term describes the process of managing an individual's or a household's financial resources to achieve financial stability, goals, and well-being?

• Business Finance

• Personal Finance

• Financial Plan

• Financial Capital

Which financial term describes A comprehensive strategy that outlines how an individual, business, or organization will manage its financial resources to achieve specific goals?

• Business Finance

• Personal Finance

• Financial Plan

• Financial Capital

Which financial term describes funds or assets that are used by a business or individual to support operations, grow, and generate profits?

• Business Finance

• Personal Finance

• Financial Plan

• Financial Capital

Which of the following is true about an income statement?

• It shows the business's revenue and expenses over a specific period, ultimately revealing the profit or loss.

• It details Revenue, Expenses and Net Income.

• It shows a company's financial performance over a specific period (e.g., a month, quarter, or year).

• It provides insight into a company’s liquidity and its ability to generate cash to fund operations, pay debts, and invest in growth.

Which of the following is true about a cash flow statement?

• It provides insight into a company’s liquidity and its ability to generate cash to fund operations, pay debts, and invest in growth.

• It is divided into three sections: Operating Activities, Investing Activities and Financial Activities.

• It records the cash inflows and outflows over a certain period, indicating how well the business manages its cash.

• It outlines three main components: Assets, Liabilities and Equity.

Which of the following is true about a balance sheet?

• It details Revenue, Expenses and Net Income.

• It is divided into three sections: Operating Activities, Investing Activities and Financial Activities.

• It is a financial statement that provides a snapshot of a company's financial position at a specific point in time.

• It outlines three main components: Assets, Liabilities and Equity.