WorksheetsMeasuring Business Success 2021
Total questions: 26
Worksheet time: 13mins
A list of assets and liabilities of an individual or business is known as what?
A.) Income statement
B.) Current ratio
C.) Efficiency
D.) Balance sheet
If someone is trying to estimate their expected income and expenses for a given period in the future, what might they need to use?
A.) Leverage
B.) Budget
C.) Liquidity
D.) Working capital
Stacy needs to refer to the short term health and efficiency of her business. Which of the following will she need to refer to?
A.) Current assets and liabilities
B.) Noncurrent assets and liabilities
C.) Owner’s equity and total assets
D.) Total assets and liabilities
What is the most basic formula for calculating net worth?
A.) Non Cash Income + Gross Income
B.) Assets + liabilities
C.) Assets - liabilities
D.) Non Cash Income - Gross Income
What is the difference between net and gross income?
A.) Net is take home after taxes, gross is total before taxes
B.) Net is total before taxes, gross is take home after taxes
C.) They are the same
D.) Net income is monthly, gross income is annual
Which of the following best describes a liquid asset?
A.) The income left after expenses are deducted
B.) Cash or any asset that can be readily converted to cash
C.) An annual accounting period that does not relate to a fiscal year
D.) Annual accounting period
Fertilizer
Asset
Liability
Credit card bill
Asset
Liability
Hay for sale
Asset
Liability
Property taxes
Asset
Liability
Trailer
Asset
Liability
Breeding mare
Asset
Liability
Fences
Current Asset
Current Liability
Non current asset
Non current liability
Market steer
Current Asset
Current Liability
Non current asset
Non current liability
Barn mortgage due next year
Current Asset
Current Liability
Non current asset
Non current liability
Cash in bank account
Current Asset
Current Liability
Non current asset
Non current liability
Vet bill due at the end of the month
Current Asset
Current Liability
Non current asset
Non current liability
Farmland
Current Asset
Current Liability
Non current asset
Non current liability
Liquidity
Assets that can be turned into cash
Overall health of a business
Plan based on income and expenses in future
Water
Solvency
Assets that can be turned into cash
Overall health of a business
Plan based on income and expenses in future
Soap
What is the first step of planning a budget?
Know your income
Find variable expenses
Track your spending and review it monthly
Keep Track
Prioritize
What is the second step of planning a budget?
Know your income
Find variable expenses
Track your spending and review it monthly
Keep Track
Prioritize
What is the third step of planning a budget?
Determine fixed expenses
Find variable expenses
Track your spending and review it monthly
Keep Track
Prioritize
What is the fourth step of planning a budget?
Determine fixed expenses
Find variable expenses
Track your spending and review it monthly
Keep Track
Prioritize
What is the fifth step of planning a budget?
Determine fixed expenses
Find variable expenses
Track your spending and review it monthly
Keep Track
Prioritize
What is the sixth step of planning a budget?
Determine fixed expenses
Find variable expenses
Track your spending and review it monthly
Keep Track
Prioritize
