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IBT Unit 2 Review

Total questions: 14

Worksheet time: 5mins

Name
Class
Date
1.

a summary of income and expenses during a specific period such as a month, quarter or year.

a)

income statement

b)

balance sheet

c)

statement of owner's equity

d)

statement of cash flows

2.

comes from the sale of goods or services that are provided

a)

cost of goods sold

b)

net profit

c)

revenue

d)

interest

3.

cost of operating a business such as utilities, insurance, and advertising

a)

accounts payable

b)

income

c)

expenses

d)

revenue

4.

a summary of a business’s assets, liabilities, and owner's equity

a)

statement of owner's equity

b)

trial balance

c)

income statement

d)

balance sheet

5.

An amount recorded on the left side is called a

a)

asset

b)

credit

c)

debit

d)

balance

6.

the amount recorded on the right side is called a

a)

credit

b)

expense

c)

debit

d)

balance

7.

the collective process of recording and processing the accounting events of a company

a)

journal entry

b)

accounting cycle

c)

trial balance

d)

collecting bad debt

8.

If there is a natural disaster, it is highly likely that your business will not be able to operate afterwards, at least not right away. This insurance compensates a business for lost income as a result of natural disasters.

a)

Property Insurance

b)

Business Interruption Insurance

c)

Home-based Insurance

d)

Professional Liability Insurance

9.

the measurement, processing and communication of financial information about economic entities

a)

accounting

b)

finance

c)

projections

d)

financial statements

10.

represents the relationship between the assets, liabilities, and owner's equity of a business

a)

income statement

b)

balance sheet

c)

accounting equation

d)

business financial records

11.

Type of financial institution that is allowed to accept deposits of money from the public

a)

investment or trust company

b)

non depository

c)

insurance company

d)

depository

12.

can lend money but does not accept deposits of money for safe keeping.

a)

non-depository

b)

credit union

c)

depository

d)

bank

13.

something banks and financial institutions can look up to see how reliable you are with money.

a)

Report card

b)

Credit Report

c)

Income statement

d)

Balance sheet

14.

List any credit cards, loans, or mortgages taken out in your name

a)

credit report

b)

balance sheet

c)

income statement

d)

statement of owners' equity