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Accounting Quiz

Total questions: 14

Worksheet time: 7mins

Name
Class
Date
1.

…………… occurs when a person or business illegally avoids paying their tax liability, which is a criminal charge that’s subject to penalties and fines.

a)

Tax avoidance

b)

Tax evasion

c)

Tax break

d)

Tax exempt

2.

…………… are the ordinary shares held by the owners, who therefore are the last to receive their money back in the event of liquidation.

a)

Common stock

b)

Preferred stock

c)

Stockholder

d)

Stock exchange

3.

We ought to cut our expenses. Mark said that our …………… are too much a heavy part on the budget.

a)

accounts receivable

b)

accounts payable

c)

collections

d)

revenues

4.

…………… is the reduction in value of a fixed asset during the years it is in use (charged against profits).

a)

Income statement

b)

Depreciation

c)

Amortization

d)

profit

5.

…………… record and analyze the financial information of the firms in which they are employed.

a)

Management accountants

b)

Bookkeepers

c)

Shareholders

d)

Tax accountants

6.

Accountants help make sure that a firm is run efficiently, that its …………… are maintained accurately, and that its taxes are paid properly.

a)

activities

b)

funds

c)

records

d)

reports

7.

Taxation laws are enacted to encourage domestic and international corporations to either invest or ……………

a)

purchase shares

b)

build plants

c)

pay debts

d)

raise capital

8.

Money which shareholders have put into the business is ……………

a)

share capital

b)

operating profit

c)

operating cost

d)

insurance

9.

Most accounting positions require a bachelor’s degree in accounting or a related field or an equivalent combination of education and ……………

a)

knowledge

b)

qualification

c)

experience

d)

certificate

10.

…………… is the most important financial manager in a company or organization, who is the head of the finance department.

a)

CFO

b)

CEO

c)

chairman

d)

Board of Director

11.

…………… is long-term assets owned by the company, e.g. building, machinery.

a)

Current asset

b)

Fixed asset

c)

Currency

d)

Depreciation

12.

…………… tells you what amount of tax to pay based on income.

a)

Exile tax

b)

Tax bracket

c)

Payroll

d)

Tax exempt

13.

…………… is the distribution of some of a company’s earnings to a class of its shareholders, as determined by the company’s board of directors.

a)

Overhead

b)

Obligation

c)

Share

d)

Dividend

14.

…………… is an agreement where the owner of something allows someone else to use it for a specific time for a sum of money.

a)

Contract

b)

Lease

c)

Borrowing

d)

Debt