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WorksheetsAgBusiness Module 6 Study Guide
Total questions: 12
Worksheet time: 6mins
The goal of a business is to increase liabilities over time. True or False?
True
False
Which of the following would be considered a current liability?
an unpaid bill at the feed store
mortgage on land
a 5 year loan to buy cattle
three year loan for a truck
Assets are things that are
owe money to the bank for
have a monthly payment for
invested in
owned
A liability is
something you plan to sell
a loan or debt
something you plan to buy
another name for equity
Assets, liabilities and equity are organized into a _______________.
cash flow statement
balance sheet
enterprise budget
whole budget
The goal of a business is to increase net worth over time.
True
False
A business whose asset value is greater than the value of all liabilities is solvent.
True
False
Equity is money that is ____________ in the business.
spent
saved
invested
sold
In double entry accounting in order for the balance sheet to “balance,” all debits values must _________________ all credit values.
equal
be greater than
be less than
The chart of account is made up or managed by
expense accounts
sales accounts
equity accounts
T accounts
A T account is broken down in to _______________ and ___________________.
equity and assets
debits and credits
liability and equities
credits and equities
All T accounts are organized into a
whole farm budget
enterprise statement
cash flow statement
balance sheet
