WorksheetsBookkeeping and Introduction to Accounting
Total questions: 25
Worksheet time: 19mins
Which of the options below is the correct definition of bookkeeping?
(A) Promoting a product or service.
(B) Exchanging a service for money.
(C) The process of recording, in the books of accounts, business transactions and managing those records.
(D) The difference between the amount earned and the amount spent in buying.
The aim of every business is to?
(A) Provide housing for its clients.
(B) Earn a profit.
(C) Exchange money for advertisement.
(D) Have a board of directors.
Money paid to the government through income and sales is?
(D) Human Resource
(A) Taxes
(B) Goods
(C) Scarcity
(D) Human Resource
Expenditure is?
(A) The money we earn.
(B) The money we save.
(C) The money we get as gift.
(D) The money we spend.
Paying the electricity and telephone bill for a business is a/an?
(A) Asset.
(B) Expenditure.
(C) Profit.
(D) Translation.
(A) Asset
(B) Expenditure
(C) Profit
(D) Translation
The art of spreading marketing information through various media such as billboards, television, radio and social media is?
(A) Publishing
(B) Designing
(C) Politics
(D) Advertising.
Paper Newspapers and paper magazines are examples of?
(A) Electronic Advertising.
(B) Billboard Advertising.
(C) Print Advertising.
(D) Television Advertising.
(A) Electronic Advertising
(B) Billboard Advertising
(C) Print Advertising
(D) Television Advertising
An example of outdoor advertising is?
(A) Internet Advertising
(B) Billboard Advertising
C) Newspaper Advertising
(D) Television Advertising
Classify means to?
(A) Put into groups.
(B) Scramble.
(C) Assemble.
(D) Disorganize.
Budgeting is?
(A) Arranging in order of size.
(B) An agreement between a buyer and a seller.
(C) An itemized estimate of expected income and expense for a given period in the future.
(D) A running total of how much cash you
have in hand.
Stakeholders are?
(A) Anyone who has an interest in a business.
(B) Anyone who does not care about a business’s operations.
(C) Anyone who cannot be trusted in a business.
(D) Anyone who are pensioners.
Internal means?
(A) Inside.
(B) Outside.
(C) At the edge.
(D) Midpoint.
Internal stakeholders include?
(A) Customers and employees.
(B) Customers and the local community.
(C) Employees and owners.
(D) Employees and suppliers.
External stakeholders include?
(A) Customers and employees.
(B) Customers and the local community.
(C) Employees and owners.
(D) Employees and suppliers.
Transaction means?
(A) An exchange of a product and/or service between two or more individuals.
(B) Anything of value that is earned.
(C) Employees who own a portion of a business.
(D) Employees who do not perform.
In which bookkeeping system is every entry entered twice, once as a debit and once as a credit?
(A) Single-entry bookkeeping.
(B) Double-entry bookkeeping.
(C) Triple entry bookkeeping.
(D) Quadruple entry bookkeeping.
Depreciation means?
(A) The value of an asset is reduced.
(B) The value of an asset is increased.
(C) The value of an asset is static.
(D) The value of an asset skyrocket.
Deductions means?
(D) The money that a business saves.
(A) The money that is paid to an employee without any tax being taken out.
(B) The money that is double for an employee before being paid.
(C) The money that comes out of an employee’s salary before he is paid.
(D) The money that a business saves.
PAYE means?
(A) Pay and you earn.
(B) Pay and you escape.
(C) Pay as you earn.
(D) Pay as you escape.
(A) Pay and you earn.
(B) Pay and you escape.
(C) Pay as you earn.
(D) Pay as you escape.
A Sole Trader uses what type of bookkeeping system?
(A) A double-entry system.
(B) A single-entry system.
(C) A triple entry system.
(D) A quadruple entry system.
What is meant by the debts of a business?
(A) The money owed by the business to a supplier, bank, etc.
(B) The money the business gets as an increase from sales.
Who is a sole trader?
(A) A businessman or businesswoman who owns and operates his or her own business.
(B) A businessman or businesswoman who shares his business with a partner.
What is another name for a sole trader?
(A) Sole person.
(B) Sole petrify.
(C) Sole proprietor.
(D) Sole pragmatic.
What is another name that can be used interchangeably for the word ‘business’?
(A) Catchment.
(B) Pool.
(C) Reservoir.
(D) Company.
Profit is?
(A) Money that is made in a business after all the costs and expenses are paid.
(B) An amount that has to be paid or given up in order to get something.
(C) The monetary payment received for goods or services, or from other sources, as rents or investments.
