WorksheetsEco&Com Society Quiz1
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
An asset is?
a)
Something that loses money
b)
Something you own
c)
Something you owe
2.
Inflation:
a)
Increases your purchase power
b)
Increases your taxes
c)
Decreases your taxes
d)
Erodes your purchase power
3.
A doctor is an example of ________ labour?
a)
Skilled
b)
Unskilled
c)
Entrepreneur
4.
Which of the following items would not fall under the definition of an asset?
a)
Owner's Equity
b)
Cash
c)
Machinery
d)
Debtors
5.
A company goes "public" in order to:
a)
Increase brand awareness
b)
Raise money
c)
Qualify for government loans
6.
What is the name of the mobile company which was acquired by Sony?
a)
Nokia
b)
Erricson
c)
DoCoMo
d)
CellOne
7.
Assets minus liabilities equals
a)
Capital
b)
Profit
c)
Cash
8.
Fax is used for:
a)
Sending telephonic message
b)
Decision making
c)
Exercising control
d)
Sending copies of documents
9.
Articles of Association can be altered by passing:
a)
An ordinary resolution
b)
Without any resolution
c)
A special resolution
10.
Revenues minus expenses equals:
a)
Profit
b)
Cash
c)
Capital
11.
Planning includes:
a)
Objectives
b)
Policy
c)
Strategy
d)
All of the above
12.
Resources owned by company (such as cash, accounts receivable, vehicles) are reported on the balance sheet and are referred to as:
a)
Assets
b)
Liabilities
c)
Capital
13.
The liability of a sole proprietor is:
a)
Limited to the extent of his capital invested in the business
b)
Limited to the extent of the value of business assets and his all private assets
c)
Limited to the extent of the value of business assets
d)
None of the above
14.
Which one of the following items would fall under the definition of a liability?
a)
Cash
b)
Debtors
c)
Tax owed
15.
The financial statement that reports the revenues and expenses for a period of time such as a year or a month is the:
a)
Income Statement
b)
Balance Sheet
c)
Statement of Cash Flows
100 %
