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WorksheetsBusiness Activities Test
Total questions: 35
Worksheet time: 1hrs 10mins
The Top-Level managers of a school would be responsible for which one of these tasks?
Cutting the grass on the weekend
Explaining the future of the upcoming school year
Cleaning up the bathrooms at the end of the school day
Teaching the students how to do math problems
A manager wants to ensure all employees were meeting the weekly sales levels. He keeps them on track with the viewings of the practice presentation. This is an example of which function?
Organizing
Planning
Controlling
Leading
Teachers would be an example of middle-level managers.
True
False
Having power over the employees is essential to being an effective manager.
True
False
The Accounting Equation is closely related to the Income Statement because the Assets should always equal the total of Liabilities and Owner's Equity.
False
True
Keeping the company on track is found under which managerial function?
Leading
Organizing
Planning
Controlling
Looking at the income statement, an owner realize that he has a Net Income of $55,000 and has Total Expenses totaling $40,000. What is the value of the Total Income for this particular owner's business.
$1,500
$15,000
$95,000
$9,500
The statement used to determine the amount of withdrawals made by the owner in the company is
Statement of Owner's Equity
Balance Sheet
Income Statement
Checkbook
All of the following are examples of liabilities except which one
Mortgage
Taxes
Accounts Receivables
Accounts Payable
Suppose when looking at a balance sheet, the Assets balance reads a total of $50,000. Which of the following could not be the values of the Liabilities and Owners Equity accounts?
Owners Equity= $15,000 Liabilities = $35,000
Owners Equity= $30,000 Liabilities = $15,000
Owners Equity= $45,000 Liabilities = $5,000
Owners Equity= $25,000 Liabilities = $25,000
Debra is a CEO of a marketing firm. She went out to purchase new desks for the office from the cash account. Which of the following would not be a possible post to the corresponding account?
Debit to office equipment account
Credit to the cash account
Debit to the cash account
Planning, recording, analyzing and interpreting financial information is called accounting.
False
True
All of the money that a company earns is called
Accounts Receivables
Taxes
Revenues
Expenses
If a company has only one employee, there isn't a manager for this business.
False
True
Property owned by an individual
Liability
Asset
Property
Net Worth
Examples of Liabilities include which of the following:
Loans, credit cards, and real property
Loans, mortgage, and credit cards
Loans, Art collection, and savings account
Mortgage, credit card, and real property
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
Which one is not belongs to liability?
Mobile Phone Bill
Bank Loan
Bank Balance
Owed To Friends
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
Owner's Equity is equal to:
Liabilities added to assets
Assets minus liabilities
Assets added to liabilities
What is the purpose of preparing the Statement of Financial Performance?
inform stakeholders the profitability of business
inform stakeholders the income and expenses of business
inform stakeholders the nature of business
inform stakeholders the size of business
The financial statement that reports the assets, liabilities, and shareholders equity at a specific date is the:
Balance sheet
Income Statement
Trial Balance
General Ledger
Calculate the revenue.
$102000
$102700
$102950
$103800
Returns inwards should be?
added to sales
deducted from sales
added to purchases
deducted from purchases
Cash at bank is an example of a
Current asset
Non-current asset
Equity
