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Worksheets

Understanding Accounting

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

If Mrs. Andrews takes out a loan for $1000 to buy a computer desk, I would change the ________ on my balance sheet.

a)

Asset column only

b)

Asset & Liability column

c)

Liability & Equity columns

d)

Asset & Equity columns

e)

Accounts Payable column

2.

A balance sheet is also called a _____________.

a)

Budget

b)

Income Statement

c)

Snapshot

d)

Liability

3.

In Income Statement is used to record ____ and ____.

a)

Revenue and Expenses

b)

Assets and Liabilities

c)

Income and Expenses

d)

A Budget

4.

On a budget sheet, which 3 of these expenses may change from month to month? (choose all that apply)

a)

Mortgage

b)

Car payment

c)

Insurance

d)

Entertainment

e)

Credit Card & Groceries

5.

What financial statement helps you plan your expenses Before you have spent any money?

a)

Statement of Cash Flows

b)

Income Statement

c)

Balance Sheet

d)

Budget

6.

Christopher has $10,000 in cash and no liabilities. He purchases a ring for Aalian for $3,500, paying cash. How much is his equity?

a)

$2000

b)

$6,500

c)

$10,000

d)

$13,000

7.

If Aziah buys a house for $300,000, and put $150,000 down as a down payment taking the rest out as a loan, how much equity does he have? (you may use a calculator)

a)

$275,000

b)

$450,000

c)

$110,000

d)

$150,000

8.

After Tyler deducts all of his expenses, the money left over is his _______?

a)

Taxes

b)

Gross

c)

Net

d)

Securities

9.

Which of the following are Jacob's variable expense? (choose all that apply)

a)

Inventory and savings

b)

Car payment

c)

Clothing and credit card payment

d)

Insurance

e)

Clothing and house payment

10.

Which of Morgan's assets is guaranteed to Lose Value over time because of depreciation?

a)

Cash

b)

Car

c)

House

d)

Stocks

11.

Which of Tiffany's assets, according to liquidity, is the MOST liquid?

a)

Stocks then Cash

b)

Cash then Stocks

c)

House, then Stocks

d)

Cash, then House

12.

T/F. Drequan's company trade's publicly, so he is required to publish a balance sheet every quarter.

a)

True

b)

False

13.

If Norman buys a house for $200,000, and puts $100,000 as a down payment, the remaining $100,000 is his __________

a)

Revenue

b)

Liability

c)

Asset

d)

Equity

14.

Which of these are D'Andre's future liabilities?

a)

Accounts Payable

b)

Medical Bills

c)

House

d)

Credit Card Payments

15.

Mrs. Andrews has all of these assets except.(Select 2)

a)

Portrait Collections

b)

Cash

c)

Land

d)

Accounts Receivable

e)

Car Loan