Balance Sheet Basics
Quiz
•
Other
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12th Grade
•
Practice Problem
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Easy
Katherine Ranck
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a balance sheet?
To assess the financial position or health
To record daily transactions
To forecast future profits
To calculate tax liabilities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why might someone compare several years' balance sheets?
To measure changes in net worth
To determine annual revenue
To calculate monthly expenses
To assess employee performance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are current assets?
Assets that can be sold without affecting long-term profit-generation capacity
Assets that are used for more than one year
Assets that are not liquid
Assets that are intangible
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are noncurrent assets difficult to sell quickly?
They are not valuable
They are intangible
They require a long-term commitment
They cannot realize full market value quickly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a source of owner's equity?
Contributed capital
Interest payments
Loan repayments
Depreciation
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does liquidity measure in a business?
The ability to pay off all financial obligations
The extent to which the business has cash to meet immediate, short-term obligations
The profitability of the business
The growth rate of the business
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does solvency measure in a business?
The ability to expand operations
The extent to which the business has cash to meet immediate, short-term obligations
The business's ability to pay off all financial obligations
The efficiency of the business processes
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