Basic Accounting Fun

What do we call money that comes in?

• Income

• Savings

• Expense

• Debt

What do we call money that goes out?

• Profit

• Revenue

• Expense

• Income

What is a record of all transactions called?

• ledger

• receipt

• invoice

• journal

What is the term for what a business owns?

• Expenses

• Assets

• Revenue

• Liabilities

What is the term for what a business owes?

• Liabilities

• Equity

• Revenue

• Assets

What do we call the difference between income and expenses?

• Gross Income

• Net Income

• Operating Profit

• Total Revenue

What is a simple way to keep track of money?

• Rely on memory to remember expenses.

• Use a credit card for all purchases without tracking.

• Keep all cash in a jar at home.

• Use a budgeting app or spreadsheet to track income and expenses.

What do we call a person who helps with money matters?

• Tax consultant

• Financial advisor

• Investment banker

• Accountant

What is the name of the document that shows how much money a business made?

• Profit and Loss Report

• Income Statement

• Cash Flow Statement

• Balance Sheet

What do we call the money left after paying all expenses?

• Loss

• Revenue

• Profit

• Investment