Free Printable BUSINESS FINANCE LONG QUIZ 4TH QUARTER

1.

WRITE YOUR FULL NAME AND YOUR SECTION

4 lines

2.

Procedures and methods used, including data processing equipment,

to collect and report accounting data.

a)

Accounting System

b)

Double-Entry Accounting

c)

Accounting

d)

Accounting Equation

3.

An entry on the left side of an account.

a)

Liability

b)

Credit

c)

Debit

d)

Cash

4.

An entry on the right side of an account.

a)

Credit

b)

Money

c)

Debit

d)

Liability

5.

Exchanges of goods or services between/among two or more entities or some other event having an economic impact on a business enterprise.

a)

Networks

b)

Transactions

c)

Authorizations

d)

Markets

6.

A system of recording transactions in a way that maintains the equality of the accounting equation.

a)

Transaction

b)

Ledger

c)

Journal

d)

Double-Entry Accounting

7.

The recording of a transaction in which debits equal credits. It usually includes a date and an explanation of the transaction.

a)

General Ledger

b)

Journal Entry

c)

Posting Ledger

d)

Business Letter

8.

Records in which transactions are first entered, provide a chronological record of business activity.

a)

Ledgers

b)

Special Journals

c)

Subsidiary ledgers

d)

Journals

9.

Procedures used for analyzing, recording, classifying, and summarizing the information to be presented in accounting reports.

a)

Accounting Process (or cycle)

b)

Accounting Equation

c)

Accounting

d)

Accountancy

10.

An accounting record lists a particular type of frequently recurring transaction.

a)

Journals

b)

Ledgers

c)

Subsidiary Ledgers

d)

Special Journals

11.

An accounting record used to record all business activities for which a special journal is not maintained.

a)

General Journal

b)

General Ledger

c)

Unadjusted Trial Balance

d)

Adjusted Trial Balance

12.

A record used to classify and summarize the effects of transactions.

a)

Recording

b)

Balancing

c)

Account

d)

Analyzing

13.

A collection of accounts maintained by a business.

a)

Balance Sheet

b)

Chart of accounts

c)

Journal

d)

Ledger

14.

The process of summarizing transactions by transferring amounts from the journals to the ledger accounts.

a)

Journalizing

b)

Posting

c)

Balancing

d)

Bookmarking

15.

A collection of all the accounts used by a business that could appear on the financial statements.

a)

General Ledger

b)

General Journal

c)

Income Statement

d)

Charts of Accounts

16.

The grouping of supporting accounts that in total equal the balance of a control account in the general ledger.

a)

Specialized Journals

b)

Subsidiary Ledgers

c)

Posting References

d)

Journal Vouchers

17.

These steps in the financial planning process mean a plan in action.

a)

engagement plan

b)

implement the plan

c)

monitor plan

d)

develop the plan

18.

Gathering data includes the following EXCEPT.

a)

price

b)

promotion

c)

product

d)

place

19.

In this financial planning process, blueprints are developed.

a)

implement the plan

b)

monitor plan

c)

engagement plan

d)

set goals or objectives

20.

The following are characteristics of goal/objectives EXCEPT.

a)

measurable

b)

attainable

c)

timing

d)

accuracy

21.

This financial planning process involves controlling the functions of financial managers.

a)

engagement plan

b)

set goals or objectives

c)

develop the plan

d)

monitor plan

22.