U2L5b BW Intro to Bus

U2L5b BW Intro to Bus

9th - 12th Grade

7 Qs

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U2L5b BW Intro to Bus

U2L5b BW Intro to Bus

Assessment

Quiz

Business

9th - 12th Grade

Hard

Created by

Darek Tillman

Used 3+ times

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7 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

Which one is right?

Asset = Owner's equity + Liability

Asset = Owner's equity - Liability

Asset + Owner's equity = Liability

Asset + Owner's equity = expense

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

... are what a company owes.

assets

liabilities

equities

profits

3.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

What is a balance sheet?

A financial statement

An annual overview

A bank slip

All of these

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Define Accounting

the process of recording, analyzing, and interpreting the economic activities of a business

A method of recording all transactions for a business in a specific format

bills for goods and services either bought by or sold to the business

A financial statement that shows the financial position of a business on a single, specific date.

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A balance sheet has four sections: 1) heading 2) assets 3) liabilities and 4) ___________

Debits

Income Statement

Owner’s Equity

Credits

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

 How are Assets organized within their respective column?

Most to least liquid

At random

Least to most liquid

Greatest to least price

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

 Which of these does a balance sheet show?

How much gross profit a business made

Its total revenue

How much it paid in rent

What a business owns and owes