NEW
Font size
WorksheetsBUSINESS MATH
Total questions: 33
Worksheet time: 17mins
What does the accounting equation represent?
Assets = Liabilities = Owner's + Equity
Asset = Revenue - Expedes
Assets = Net Income + Expenses
Assets = Cash + Investments
What is the primary characteristics of a ability?
It generates revenue
It represents future economic benefits
It is a debt or obligation that must be paid
It is owned by the company
What term describes assets that can be converted to cash within one year?
Fixed sets
Current assets
Intangible assets
Long-term assets
Which statement about assets is correct?
They always decrease in value
They represent what a company owes
They must be tangible items
They have future economic value
Accounts receivable is classified as:
Current liability
Long -term asset
Current asset
Intangible asset
Which of these is NOT typically considered an asset?
Prepared rent
Accounts payable
Investment securities
Land
Which asset category would computer software typically fall under?
Current asset
Fixed asset
Intangible asset
Natural resource
What is the primary purpose of balance sheet?
Shows company's revenue over time
Present assets, liabilities, and equity at a specific point
Tracks cash movements
Details retained earnings changes
The income statement covers:
A specific point in tin
Only revenue transaction
A period of time
Only expense transactions
Which financial statement much cash was generated and used during a period?
Balance sheet
Income statement
Statement of cash flows
Statement of retained earning
Which statement would show accounts receivable?
Statement of cash flow
Balance sheet
Income statement
Statement of retained earnings
Where would you find information about a company's long-term debt?
Income statement
Statement of cash flows
Statement of retained earnings
Balance sheet
What is NOT found in the operating section of a cash flow statement?
Cash received from customers
Cash paid to suppliers
Purchase of equipment
Cash paid for operating expenses
The income statement is also known as:
Statement of financial position
Statement of profit and loss
Statement of owner's equity
Statement of cash position
What is the fundamental difference between a debit and a credit?
Debit increases assets, credit decreases asset
Debit always increases accounts
Credit always increases accounts
Debit and credit are the thing same
When cash is received, which of the following occurs?
Credi to to cash account 10
Debit to cash account
Neither debit nor credit
Both debit and credit
When a business pays rent, what the correct entry?
Debit Cash, Credit Rent Expense
Credit Cash, Debit Ren Expense
Debit Rent Expense, Credit Revenue
Credit Rent Expense, Debit Cash
Which accounting equation repr the foundation of double-entry bookkeeping?
Assets = Liabilities - Equity
Assets + Liabilities = Equity
Assets = Liabilities + Equity
Assets - Equity = Liabilities
When a company purchases inventory on account, what is the correct entry?
Credit Cash, Debit Inventory
Debit Inventory, Credit Accounts Payable
Credit Inventory, Debit Accounts Payable
Debit Cash, Credit Inventory
What type of account normally has debit balance?
Revenue
Liability
Asset
Owner's Equity
What happens when a loan is received from a bank?
Debit Cash, Credit Notes Payable
Credit Cash, Debit Notes Payable
Debit Notes Payable, Credit Cash
Credit Notes Payable, Debit Accounts Payable
What is the formula for calculating gross profit?
Total Revenue Cost of Goods Sold
Total Revenue + Operating Expenses
Net Income - Operating Expenses
Total Assets - Total Liabilities
If fixed costs are P50,000, price per unit is P25, and variable cost per unit is P15, what is the break-even point in units?
5,000 units
2,000 units
3,333 units
4,000 units
If a product costs Php80 to make and is sold for Pho120 what is the markup percentage?
66.7%
40%
50%
33.3%
If a product costs Php150 and sold for Php120 during late in the evening, what is the percentage?
50%
40%
30%
20%
What type of financial statement summarizes concerning the information the cash in flows and outflows during period?
Balance sheet
Statement cash flows
Income statement
Statement of retained earning
There are P's in preparing market research. Which 'P' in marketing is designed to communicate product to customers?
Place
Price
People
Promotion
A shareholder sells his shares for more than he paid for them. This is known as:
Capital gain
Profit on disposal
Good deal
Capital allowance
The first thing to consider in starting a business
Conduct a feasibility study
Make a business plan
Make the Mission
Make the Vision
A debt incurred by buying goods or services from a supplier on credit is called
property
accounts payable
an expense
accounts receivable
Which of the following items should not be included in listing of current assets?
marketable securities
accounts payable
accounts receivable
inventories
What is the total of your cash plus purchased, items you have plus money your customers owe you called?
inventory
assets
liabilities
profit
What is the difference between the cost of a product and its selling price called?
the retail price
the markup
the discount
the percentage discount
