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Business Essentials Unit 4 Quiz

Authored by Madison Creech

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9th Grade

Used 6+ times

Business Essentials Unit 4 Quiz
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The process of keeping the financial records of a business is known as

Accounting.

Controlling.

Financing.

Bookkeeping.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The overall purpose of accounting is to

maintain accurate reports

control the finances of the business

compile the business’s expenses.

keep track of sales.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are accurate accounting records important to a business?

They show how the business is doing.

They increase the return on investments.

They give the business an image of success.

They prevent any financial losses.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following groups makes regular use of a business’s managerial accounting information:

Creditors.

Investors.

Customers.

Managers.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A creditor is most likely to examine a business’s financial accounting records if the business is

applying for a bank loan.

complying with regulations.

using cash accounting.

selecting a new market.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Riley is an employee of the federal government who studies the financial reports of major businesses in a specific industry. The government’s purpose in assigning this task to Riley is to

search for profitable investments.

identify trends in the industry.

determine creditworthiness.

decide if funds are available for pay raises.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For an accounting system to be useful to the business, the accounting information it contains must be

accurate and up to date.

posted by an accountant.

approved by the chief executive officer.

recorded using the accrual method.

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