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Accounts

Total questions: 25

Worksheet time: 8mins

Name
Class
Date
1.

owners equity decreases on the _________ side?

a)

credit

b)

debit

c)

payments

d)

liability

2.

assets decreases on the _______ side?

a)

debit

b)

two

c)

credit

d)

sixth

3.

________ are debts of the business?

a)

assets

b)

liabilities

c)

owners equity

d)

vehicles

4.

Equipment are an example of an/a ______?

a)

loan

b)

asset

c)

liability

d)

owners equity

5.

water and electricity is an/a __________?

a)

credit

b)

asset

c)

expense

d)

income

6.

_______ can also be in a form of assets?

a)

tax

b)

capital

c)

customers

d)

bank

7.
The basic accounting equation is Assets=Liabilities + _______________________.
a)
Income
b)
Owner's Equity
c)
Expenses
d)
Profit
8.
An increase in owner's equity resulting from the operation of a business
a)
asset
b)
expense
c)
withdrawl
d)
revenue
9.
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as _______________.
a)
assets
b)
liabilities
c)
profit
d)
income
10.

The accounting equation must always be

a)

balanced

b)

uneven

c)

zero

d)

equal to the square root of 5

11.

__________________ is the language of business.

a)

Finance

b)

Business Essentials

c)

Accounting

d)

English

12.

Something of value OWED by a company is called a(n)

a)

Asset

b)

Liability

c)

Owner's Equity

13.

For an investor, personal and business money are put together and not kept separate.

a)

TRUE

b)

FALSE

14.

Which of the following are Assets?

a)

Bank Account

b)

Bank Loan

c)

Vehicles

d)

Bank overdraft

e)

Furniture and fittings

15.

The following are liabilities .

a)

Bank Loan

b)

Stock / inventory

c)

Mortgage

d)

Accounts Payable

16.

The following are types of Income

a)

Sales

b)

Fees Received

c)

Salaries

d)

Staff Wages

e)

Advertising

17.
What is a form of business ownership in which 2 or more people jointly owns a business
a)
Sole Proprietorship
b)
Company
c)
Partnerships
18.
What is the most common form of business ownership?
a)
Corporation
b)
Company
c)
Sole Proprietorship
d)
LLC
19.
What type of corporation combines the benefits of a partnership and a corporation?
a)
Limited Liability Company
b)
Trust
c)
Company
20.
The major policy and financial decision makers of a corporation are determined by the...
a)
CEO/GM/President
b)
Chairman of the Board
c)
Shareholders
d)
Board of Directors
21.

When a business owner invests in the business

a)

This increases equity

b)

This decreases equity

22.
Owned by one individual.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
23.
Revenues minus expenses equals:
a)
Assets
b)
Liabilities
c)
Owner Equity
d)
Net Income
24.
Owners share the risks and the profits.
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
None of the above
25.

A balance sheet reports a business's financial

a)

Condition over a specific period of time

b)

Progress over a specific period of time

c)

Condition on a specific date

d)

Progress on a specific date

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