Basic Accounting Quiz

What would a business use to pay for goods?

• Cheque

• Invoice

• Receipt

• Statement of account

What is accounting primarily used for?

• Playing video games

• Recording financial transactions

• Writing stories

• Drawing pictures

Which of these is an example of income?

• Buying new shoes

• Paying for lunch

• Money earned from a lemonade stand

• Giving money to a friend

What does the term "expense" mean?

• Money you receive

• Money you save

• Money you find

• Money you spend

Which of these people would most likely use accounting?

• A store owner

• A professional athlete

• A musician

• All of the above

What is the main purpose of saving money?

• To spend it all immediately

• To make others jealous

• To use it for future needs

• To hide it under your bed

What is a bank statement?

• A record of your bank account activity

• A letter from your friend

• A school report card

• A shopping list

Why is it important to keep track of money?

• To know how much you can spend

• To plan for the future

• To avoid overspending

• All of the above