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Balance Sheet Quiz

Total questions: 61

Worksheet time: 40mins

Name
Class
Date
1.

What is balance sheet?

a)

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

b)

A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

2.

Property owned by an individual

a)

Liability

b)

Asset

c)

Property

d)

Net Worth

3.

Debts and financial obligations (responsibilities).

a)

Liabilities

b)

Assets

c)

Negative Net Worth

d)

Property

4.

Examples of Liabilities include which of the following:

a)

Loans, credit cards, and real property

b)

Loans, mortgage, and credit cards

c)

Loans, Art collection, and savings account

d)

Mortgage, credit card, and real property

5.

Examples of assets include:

a)

Real Property, Car, and credit cards

b)

Car, Jewelry, and Checking account

c)

Art collection, Jewelry, and unpaid taxes

d)

Real Property, Car loan, Jewelry

6.
Which of the following is considered a liability?
a)
Savings Account
b)
Mortgage
c)
Savings bond
d)
Coin Collection
7.
The table below shows Claude's assets and liabilities.  What is the total value of his assets?
a)
$24,950
b)
$25,420
c)
-$24,950
d)
$50,370
8.
The table below shows Claude's assets and liabilities.  What is the total value of his liabilities?
a)
$24,950
b)
-$24,520
c)
$25,420
d)
$50,370
9.

Current Assets are cash or other assets that are expected to be converted to cash within a year

a)

True

b)

False

10.

Non current liability are financial obligations that are due for settlement within 1 year. True or False

a)

True

b)

False

11.

Which one is right?

a)

Asset = Owner's equity + Liability

b)

Asset = Owner's equity - Liability

c)

Asset + Owner's equity = Liability

d)

Asset + Owner's equity = expense

12.

The balance sheet heading will specify a

a)

Period Of Time

b)

Point In Time

13.

The third line of the balance sheet at the end of the year should begin with "For the Year Ended".

a)

True

b)

False

14.

Select the item which is a fixed asset

a)
b)
15.

A (a)   is a resource that is owned by a business.

16.

Select the item which is not a component of a balance sheet.

a)

Fixed Assets

b)

Current Assets

c)

Current Liabilities

d)

Expenses

17.

Select which two items we use when we are calculating the Net Assets/ Working Capital

a)

Total Assets

b)

Financed by

c)

Capital

d)

Total Liabilities

18.

Calculate the total assets?


Current Assets - $100.00

Fixed Assets - $200

Current Liabilities -$300

Capital - $100

a)

300

b)

400

c)

500

d)

200

19.

Which item do we always begin the preparation of the balance sheet with?

a)

The Capital

b)

The name of the sole trader or company

c)

The Date

d)

The Assets

20.

What are curent assets?

a)

Fixed assets

b)

Liquid assets

c)

Variable assets

21.

What is Shareholders Equity?

a)

The money owed by the business to the shareholders

b)

The money shareholders pay to the business

c)

The amount of profit shareholders receive on their shares

22.

Do assets belong to a business?

a)

Yes

b)

No

23.

What is Trade or other payables often called

a)

Credit

b)

Trade Creditors

c)

Trade Union

24.

Which of the following is not categorised as Current Asset in a Balance Sheet?

a)

Inventories

b)

Bank Balances

c)

Plants and Machinery

d)

Trade Debtors

25.

Equity is

a)

amount of finance provided by owners of the business and earnings

b)

amount of finance provided by the creditors

c)

amount of finance provided by the banks

d)

amount of finance provided by the inital owners

26.

Balance sheet provides critical information to a potential investors. Which of the following information or anaylsis can be derived from a balance sheet?

a)

Financial Strength

b)

Liquidity

c)

Equity Changes

d)

All of the above

27.

Liquidity is a measure of the extent to which company is able to convert its cash or equivalent to meet its current financial obligations. True or False?

a)

True

b)

False

28.

What is solvency?

a)

Ability to pay one's long term debts

b)

Abitlity to borrow more money for capital investemnt

c)

Ability to pay more dividends

d)

Ability to make profits

29.
On a balance sheet, if total assets are $15,000 and Total Liabilities are $10,000.  Owner's Equity will equal:
a)
5,000
b)
25,000
c)
7,500I
30.
If Liabilities are more than the Assets, the Business's financial condition is not strong.
a)
True
b)
False
31.
Accounts Payable is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
32.
Accounts Receivable is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
33.
A mortgage is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
34.
A business' inventory is a:
a)
Current Asset
b)
Current Liability
c)
Non Current Asset
d)
Non Current Liability
35.
Which of the following is a current liability?
a)
Accounts Receivable
b)
Cash
c)
Overdraft
d)
Vehicle
36.

Office furniture is classified as:

a)

Accounts Payable

b)

Equity

c)

Long-term asset

d)

Current asset

37.

How are Assets organized within their respective column?

a)

Least to most liquid

b)

Greatest to least price

c)

At random

d)

Most to least liquid

38.

What is the name for someone who owes you money?

a)

Debtor

b)

Creditor

c)

Owner

d)

Customer

39.

Rent goes on the

a)

Income Statement

b)

Balance Sheet

40.

Building goes on the

a)

Income Statement

b)

Balance Sheet

41.

Office Expenses goes on the

a)

Income Statement

b)

Balance Sheet

42.

Cash goes on the

a)

Income Statement

b)

Balance Sheet

43.

Land goes on the

a)

Income Statement

b)

Balance Sheet

44.

Assets go on the

a)

Income Statement

b)

Balance Sheet

45.

Advertising Expense goes on the

a)

Income Statement

b)

Balance Sheet

46.

Sales go on the

a)

Income Statement

b)

Balance Sheet

47.

Profit goes on the

a)

Income Statement

b)

Balance Sheet

48.

Salary Expense goes on the

a)

Income Statement

b)

Balance Sheet

49.

Accounts Receivable goes on the

a)

Income Statement

b)

Balance Sheet

50.

You would see "For the year ended April 30, 2021" on the

a)

Income Statement

b)

Balance Sheet

51.

You would see "April 30, 2021" on the

a)

Income Statement

b)

Balance Sheet

52.

Liabilities go on the

a)

Income Statement

b)

Balance Sheet

53.

Which one needs matching totals?

a)

Income Statement

b)

Balance Sheet

54.

Owner's Equity =

a)

Assets - Liabilities

b)

Liabilities - Assets

55.

Cash in hand

a)

Current liability

b)

Current asset

c)

Income

d)

Equity

56.

Discount received

a)

Non-current asset

b)

Income

c)

Current asset

d)

Current liability

57.

Fixtures and Fittings

a)

Non-current asset

b)

Equity

c)

Expense

d)

Current asset

58.

Salaries

a)

Current asset

b)

Income

c)

Equity

d)

Expense

59.

Bank charges

a)

Expense

b)

Current asset

c)

Income

d)

Current liability

60.

Profit for the year

a)

Gross Profit + Income + Expense

b)

Sales revenue - Cost of sales

c)

Gross profit - Income - Expense

d)

Gross profit + Income - Expense

61.

Accrued Interest Expense

a)

Expense

b)

Income

c)

Current Assets

d)

Current Liabilities

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