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WorksheetsBalance Sheet Quiz
Total questions: 20
Worksheet time: 58mins
What does a "Balance Sheet" list?
Revenue, Expenses, Profit
Assets, Liabilities, Owner's Equity
Cash Flow, Investments, Dividends
Sales, Purchases, Inventory
Which of the following is an "Asset"?
Loan
Inventory
Mortgage
Accounts Payable
Which of the following is a component of a "Balance Sheet"?
Revenue
Owner's Equity
Expenses
Net Profit
"Machines" go under what section of a "Balance Sheet"?
Revenue
Assets
Expenses
Net Profit
Which of the following is something a company owns?
Liabilities
Accounts Receivable
Loans
Accounts Payable
What is an example of a "Liability"?
Petty Cash
Debt
Office supplies
Company vehicles
Which best describes "Petty Cash"?
A large reserve of funds
A small amount of cash for minor expenses
A company's total revenue
A fund for employee salaries
What does "liabilities" mean in accounting?
Company assets
Company debts
Company profits
Company investments
Which of the following is an example of "Owner's Equity"?
Accounts Payable
Investment Capital
Bank Loan
Credit Card Debt
On a "Balance Sheet" what does "Assets" mean?
Debts owed by the company
Resources owned by the company
Revenue generated by the company
Expenses incurred by the company
What is a key characteristic of "Common Stocks"?
They are a type of debt
They represent ownership in a publicly traded company (Example: You buy stocks of Apple, Nike, Google)
They are guaranteed to show net profit or net loss
They are a form of liability
Which of the following is true about "Investment Capital"?
It is used to pay employee salaries.
It is the money invested to start or open a business.
It is the profit earned from selling products.
It is the total value of a company's assets.
Where is "Common Stock" placed on a "Balance Sheet"?
Revenue
Liabilities
Owner's Equity
Expenses
A "BALANCE SHEET" has 3 sections:
Revenue, Liabilities, and Owner's Equity
Liabilities, Expenses, and Owner's Equity
Assets, Liabilities, and Owner's Equity
Revenue, Assets, and Net Profit
What is the "Owner's Equity" equation?
Assets - Revenue= Owner's Equity
Assets - Liabilities= Owner's Equity
Revenue-Liabilities= Owner's Equity
Revenue- Expenses= Owner's Equity
A "Building Loan" goes under the LIABILITIES category?
True
False
Which best describes "Investment Capital"?
A loan from a bank.
Money invested to start or open a business.
A type of insurance.
A government grant.
Where is "Investment Capital" placed on a "Balance Sheet"?
Liabilities
Owner's Equity
Assets
Revenue
"BALANCE SHEETS" are created:
Monthly
Yearly
Quarterly (Every 3 months)
Monthly, Quarterly, and Yearly
"Copyrights" go under what section of a "Balance Sheet":
Liability
Assets
Owner's Equity
Expenses
