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WorksheetsAccounting 1.1 Vocab Review
Total questions: 15
Worksheet time: 11mins
Name
Class
Date
1.
What is the process of planning, recording, and analyzing financial information?
a)
marketing
b)
accounting
c)
accounting system
d)
personal net worth
2.
An amount owed is called
a)
an asset
b)
capital
c)
equity
d)
liability
3.
The principles of right and wrong that guide business decisions are called
a)
truth
b)
honesty
c)
business ethics
d)
scandals
4.
A service business
a)
sells goods
b)
performs activities for a fee
c)
usually isn't a good idea
d)
this is easy-but don't pick this is easy
5.
What does GAAP stand for
a)
Great Abs Adam Peyton
b)
General Accounting Average Practice
c)
General Accepted Accounting Principles
d)
Go Away Angry Paper
6.
A proprietorship is a
a)
weird way to spell person
b)
a business owned by 2 people
c)
a business owned by 1 person
d)
a building used for accounting practice
7.
This is the correct accounting equation:
Assets - Liabilities = Owners Capital (Equity)
Assets - Liabilities = Owners Capital (Equity)
a)
Yes
b)
No
8.
Debits are always on which side of the accounting equation?
a)
left
b)
right
9.
Credits are always on the _____________ side.
a)
left
b)
right
10.
The gameboard on Mrs. Scott's Future bulletin board is
a)
candyland
b)
life
c)
monopoly
d)
checkers
11.
This is a system that is a planned process designed to compile financial data and summarize the results in accounting reports and records.
a)
business plan
b)
marketing plan
c)
accounting system
d)
Reading the chapter will be helpful
12.
This is a formal report that shows what an individual owns, owes and the different between the two.
a)
read everything carefully
b)
personal net worth
c)
net worth statement
d)
asset report
13.
A social entrepreneur such as Blake from TOMS shoes is someone who wants to make a profit but also
a)
invests profit back into the company
b)
driven by social values
c)
seek solutions to social problems
d)
all of these are correct
14.
The business we are studying first in our accounting book is Delgado which is a
a)
pet service
b)
computer repair
c)
web design
d)
lender
15.
Tests and quizzes in class are worth ___________ of my grade.
a)
70%
b)
60%
c)
50%
d)
40%
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