
Test on Basic Concept
Authored by Manoj Negi
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University
73 Questions

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the accounting equation?
Assets = Liabilities + Equity
Liabilities = Assets - Equity
Assets + Liabilities = Equity
Assets = Equity - Liabilities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define assets in accounting.
Assets are expenses incurred by a business during operations.
Assets are temporary accounts that track revenue.
Assets are resources owned by a business that have economic value and can provide future benefits.
Assets are liabilities that decrease a company's value.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a balance sheet?
To calculate a company's revenue for the year.
To summarize a company's cash flow activities.
To provide a detailed report of daily transactions.
The purpose of a balance sheet is to show a company's financial position by listing its assets, liabilities, and equity.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does ROI stand for in finance?
Return on Income
Return on Investment
Revenue on Investment
Rate of Interest
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between fixed and variable costs?
Fixed costs are constant; variable costs change with production levels.
Variable costs are predictable; fixed costs are unpredictable.
Fixed costs are always higher than variable costs; variable costs can never be constant.
Fixed costs vary with production levels; variable costs remain constant.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of HR in an organization?
To oversee financial audits and budgeting
To manage the organization's marketing strategies
The role of HR in an organization is to manage recruitment, employee relations, training, compliance, and workplace culture.
To handle customer service and support inquiries
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a job description?
A job description is a summary of the company's history.
A job description is a list of employee benefits.
A job description is a document outlining the company's mission.
A job description is a formal document detailing the responsibilities and qualifications for a specific position.
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