WorksheetsFBLA Exploring Accounting & Finance Sample Questions
Total questions: 15
Worksheet time: 8mins
What is the main purpose of saving money?
To avoid paying taxes
To spend more on wants
To prepare for future needs
To reduce income
Which of the following is an example of a financial record?
A textbook
A grocery list
A bank statement
A map
What does the accounting equation represent?
Income + Expenses = Profit
Assets = Liabilities + Owner's Equity
Revenue = Sales - Costs
Debits = Credits
Which form of financial exchange is the fastest for online shopping?
Check
Cash
Electronic Funds Transfer (EFT)
Debit card by mail
What is a spreadsheet commonly used for in accounting?
Designing websites
Recording transactions
Watching videos
Printing flyers
Why is it important to balance a bank account?
To apply for loans
To avoid fraud and track spending
To get free checks
To receive advertisements
Which is a function of money?
Creating businesses
Medium of exchange
Building houses
Advertising
A short-term financial goal might be:
Buying a car in five years
Paying off a mortgage
Saving for a video game
Planning for retirement
Which type of income comes from working a job?
Dividend income
Rental income
Wage or salary
Capital gains
What is the role of finance in business?
Hiring employees
Creating advertisements
Managing money to meet goals
Designing logos
Which of the following professionals prepares financial records and tax returns?
Lawyer
Accountant
Engineer
Architect
What happens when you make a business purchase with cash?
Assets increase
Liabilities increase
Assets decrease
Owner’s equity increases
What is the cost of credit?
The total amount of money saved
The interest and fees paid for borrowing money
The monthly salary
The total balance of a bank account
What kind of tool is QuickBooks?
Word processor
Accounting software
Drawing app
Web browser
What is the purpose of financial standards in accounting?
To allow businesses to be creative
To ensure consistency and accuracy
To reduce employee pay
To allow companies to hide information
