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business basics

Total questions: 30

Worksheet time: 19mins

Name
Class
Date
1.

accounting is

a)

government aided institutions and agencies

b)

the process by which certain methods and procedures are classified analyze and summarize

c)

the process of collecting data for future endeavors

d)

to invest in a business and give financial advise

2.

which of the following are purpose of accounting

a)

provide financial information and control of a business

b)

provide goods and services to the general public

c)

ascertain the profit and loss of a business

d)

ascertain the value of assets and liabilities of a business

3.

Which of the following is not an internal users of accounting

a)

managers

b)

general public

c)

owners

d)

supervisors

4.

which of the following is not an external user of accounting

a)

Government agencies

b)

The press/media

c)

Board of Directors

d)

Labour Unions

5.

Anything that the business owns are

a)

Capital

b)

Assets

c)

creditors

d)

Liabilities

6.

Anything that the business owes for

a)

Accounts receivable

b)

Capital

c)

Liabilities

d)

Stock

7.

money and other assets used by the owner to start the business.

a)

Debtors

b)

Assets

c)

Liabilities

d)

Capital

8.

A statement showing the assets, capital and liabilities of a business is called

a)

Cash book

b)

Balance Sheet

c)

Bank overdraft

d)

Loan book

9.

a sum of money or other assets that a person lends to another with the condition that it will be repaid or returned at a later date.

a)

Account payable

b)

Bank overdraft

c)

Loan

d)

Account receivable

10.

Occurs when the bank allows you to withdraw more money than what you have in your bank account

a)

Assets

b)

Capital

c)

Loan

d)

Bank overdraft

11.

The person to whom the business owes money. (The lender)

a)

Bank

b)

Cash

c)

Creditors

d)

Debtors

12.

The persons who owes the business money. (The borrower)

a)

Debtors

b)

Creditors

c)

The lending agencies

d)

Loan

13.

This is money (notes and coins used to make payments for goods and services

a)

Bank drafts

b)

Cheque

c)

Bank

d)

Cash

14.

These cards allow purchases to be made even if a customer does not have enough deposit in the bank account

a)

Debit cards

b)

Cash

c)

Credit cards

d)

Bank deposits

15.

A written instruction to a bank to transfer a certain sum of money to the payee (person whose name is written

a)

Money transfer

b)

Debit cards

c)

Cheque

d)

Credit cards

16.

These are cards issued by banks to customers to allow them to make easy payments for goods and services. it can also be used transfer money to bank account.

a)

Credit cards

b)

Debit cards

c)

Cheque

d)

Barter

17.

Which is not an example of an Asset

a)

Cash in hand

b)

Cash at bank

c)

Stock of goods

d)

Accounts payable

18.

Which is not an example of a liabilities

a)

Loan

b)

Fixtures and fittings

c)

Accounts payable

d)

Bank overdraft

19.

Assets = (a)   + Capital

20.

Liabilities = Assets - (a)  

21.

Assets - Liabilities = (a)  

22.

Assets Capital Liabilities

(a)   10250 6932

23.

Assets Capital Liabilities

19528 14977 (a)  

24.

Assets Capital Liabilities

80000 (a)   35000

25.

Jones position on October 31 2009 was as follows: Assets $9650 and liabilities $500. What was his capital?

a)

9650

b)

9000

c)

9150

d)

9550

26.

Green position on September 30 2001 was as follows: Assets 40000 and Capital 21000. Calculate his Liabilities

a)

18000

b)

61000

c)

16000

d)

19000

27.

T boo position on May 31 1986 : Capital $54000 and Liabilities $12000. Calculate his Assets

a)

42000

b)

65000

c)

66000

d)

41000

28.

Another name for stock is

a)

Product

b)

money

c)

Inventory

d)

Cash at bank

29.

Another name for Creditor is

a)

Accounts receivable

b)

Stock of goods

c)

Sales

d)

Account payable

30.

Another name for Account receivable

a)

Debtors

b)

Creditors

c)

John Brown

d)

Mary Loo