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Accounting and Investment

Total questions: 25

Worksheet time: 15mins

Name
Class
Date
1.
Assets taken out of a business for the owner's personal use
a)
capital
b)
withdrawals
c)
equities
d)
revenue
2.
A decrease in owner's equity resulting from the operation of a business
a)
account
b)
capital
c)
asset
d)
expense
3.
A business owned by one person
a)
service business
b)
revenue
c)
expense
d)
proprietorship
4.
The account used to summarize the owner's equity in a business
a)
account
b)
expense
c)
capital
d)
revenue
5.
Revenues minus expenses equals _____________________.
(Revenues-Expenses = _______________)
a)
Profit
b)
Overhead
c)
Income
d)
None of the above
6.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
7.
The ________________   __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Sheet
8.
The _____________________________ is one of the main financial statement and reports the assets, liabilities, and owner's equity at a specific point in time.
a)
Income Statement
b)
Balance Sheet
c)
Income Worksheet
d)
Balance Worksheet
9.
Accounting entries involve a minimum of how many accounts?
a)
0
b)
1
c)
2
d)
3
10.

When cash is received, the cash account will?

a)

Increases

b)

Decreases

c)

Stays the same

d)

There is no cash account

11.

Company purchases supplies by credit

a)

Increase cash, decrease supplies

b)

Decrease cash, increase supplies

c)

Increase supplies, increase accounts payable

d)

Decrease supplies, decrease accounts payable

12.

What is a budget?

a)

A type of savings account

b)

A way to invest for retirement

c)

A fund for emergencies

d)

A financial plan that defines expenses for a period of time.

13.

Emergency funds are calculated based on:

a)

Monthly Expenses

b)

Monthly Income

c)

Retirement Planning

d)

Investing for College

14.

Which of the following are characteristics of money used as savings, including emergency funds?

a)

Safe

b)

Accessible

c)

Liquid (in the form of money)

d)

Invested in risky business ventures

15.

What is debt?

a)

Money you have borrowed and need to pay back

b)

Money you make from working at a job

c)

Money you make from the government

d)

Taxes that you pay when you buy something

16.
This type of interest "creates a mathematical explosion," and it can make you wealthy over time, or keep you in debt for a long time.
a)
compound
b)
sinking
c)
annual
17.
Cost of credit expressed as a yearly percentage 
a)
Mortgage
b)
Principal
c)
APR
d)
Finance company
18.
What does CD stand for when talking about investments?
a)
Calculated Dividend
b)
Certificate of Deposit
c)
Central Dollar
d)
Current Deposit
19.
A mutual fund allows investments to be ___________.
a)
Secured
b)
Guaranteed
c)
Diversified
d)
Minimal
20.
This term refers to the original amount of a loan OR the original amount of money invested. 
a)
Principal
b)
Interest
c)
Rebate
d)
Fixed Rate
21.

The more liquid an investment, the more likely it is to have a higher rate of return.

a)

True

b)

False

22.
What does fixed asset mean?
a)
Something that doesn't move
b)
Something a business owns that will last for less than a year.
c)
Something a business owns that will last for more than a year.
23.
What does breakeven mean?
a)
Where total costs are the same as total revenue (income)
b)
Where total fixed cost are the same as variable costs
c)
Where the fixed assets are the same as variable assets
d)
Where total cost are higher than total revenue (income)
24.
What is the last part of the break even calculation? Fixed costs divided by Selling price minus .....
a)
Variable cost
b)
Fixed cost
c)
Variable cost per unit
d)
Fixed cost per unit
25.
What are these following things called? Cash flow forecast, break even and balance sheet
a)
Boring
b)
Marketing Tool
c)
Difficult
d)
Financial Tool

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