FABM 2 QUIZ

FABM 2 QUIZ

9th Grade

14 Qs

quiz-placeholder

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FABM 2 QUIZ

FABM 2 QUIZ

Assessment

Quiz

Other

9th Grade

Practice Problem

Medium

Created by

Kelly Alvstad

Used 6+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

Why is record keeping important for business management?

It helps in making good business decisions.

It increases the number of employees.

It reduces the need for marketing.

It eliminates competition.

2.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

What is the purpose of a chart of accounts in farm business management?

To analyze the health and profitability of the farm business.

To list all liabilities of the business.

To track daily sales and expenses.

To manage employee payroll.

3.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

What is the third step in setting up a record system?

Select a method of reporting farm income and expenses.

Select a record-keeping system suited to their particular needs.

Select an accounting system suited to their business situation.

Hire a tax consultant.

4.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

What additional analysis is included in the second level of farm and ranch record keeping?

Business analysis

Personal budgeting

Employee performance

Household management

5.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

What does the cash method not use to keep track of unsold products?

Inventory

Sales records

Cash flow statements

Profit margins

6.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

What is the main purpose of summarizing revenue and expenses?

To increase expenses

To decrease revenue

To understand financial performance

To complicate accounting

7.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

Why is it important to enter a detailed breakdown of all outstanding loans?

To increase the loan amount

To hide financial liabilities

To understand principal, interest, and remaining balance

To avoid paying interest

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