
FABM QUIZ
Authored by Gamboa, S.
Financial Education
11th Grade

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20 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Resources owned or controlled by a business expected to bring future economic benefits are called:
Liabilities
Assets
Capital
Expenses
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Obligations or debts the business must settle in the future are known as:
Liabilities
Assets
Capital
Expenses
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Owner’s investment plus retained earnings, representing the owner’s claim on assets after liabilities, is called:
Liabilities
Assets
Capital
Expenses
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Earnings from the primary operations or other sources are referred to as:
Expenses
Capital
Income (Revenue)
Liabilities
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Costs incurred to earn income or operate the business are known as:
Assets
Expenses
Capital
Income
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is a set of standardized accounting rules and procedures used in preparing financial statements. This set of standards is called:
Accounting Equation
GAAP (Generally Accepted Accounting Principles)
Capital
Assets
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
It is crucial for double-entry bookkeeping. It ensures balance in every transaction, fostering accuracy and reliability in financial records. This principle is called:
GAAP
Capital
Accounting Equation
Income
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