Basic Accounting Terms Quiz

Basic Accounting Terms Quiz

9th Grade

15 Qs

quiz-placeholder

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Basic Accounting Terms Quiz

Basic Accounting Terms Quiz

Assessment

Quiz

Business

9th Grade

Easy

Created by

Becki Koepke

Used 2+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the process of recording, summarizing, and analyzing financial transactions called?

Auditing

Accounting

Budgeting

Forecasting

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Assets = Liabilities + ________.

Revenue

Owner’s Equity

Expenses

Income

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are resources owned by a business that have economic value?

Liabilities

Assets

Expenses

Revenue

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are debts or obligations a business owes called?

Assets

Liabilities

Revenue

Equity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owner's financial interest in the business is known as what?

Revenue

Owner’s Equity

Assets

Liabilities

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Income earned from business operations is referred to as:

Expenses

Revenue

Assets

Liabilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Costs incurred to operate the business are known as:

Revenue

Expenses

Assets

Liabilities

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