WorksheetsUnit 10: Chapter 12 Test
Total questions: 28
Worksheet time: 1hrs 24mins
What is defined as all income that a business receives over a period of time or government income?
Revenue
Expenses
Assets
Liabilities
What is the cost of operating a business called?
Revenue
Expenses
Budget
Payroll
What are detailed plans for the financial needs of individuals, families, and businesses called?
Budget
Startup Budget
Operating Budget
Balance Sheet
What type of budget plans income and expenses from the beginning of a new business or a major business expansion until it becomes profitable?
Startup Budget
Operating Budget
Budget
Income Statement
What describes the financial plan for ongoing operations of the business for a specific period of time?
Operating Budget
Startup Budget
Balance Sheet
Financial Record
What are financial documents used to record and analyze the financial performance of a business called?
Financial Performance Record
Balance Sheet
Income Statement
Payroll
What is defined as anything of value owned by a business?
Assets
Liabilities
Revenue
Expenses
What is defined as what a company owes?
Liabilities
Assets
Balance Sheet
Financial Ratios
What report lists the company's assets, liabilities, and owner's equity at a specific point in time?
Balance Sheet
Income Statement
Operating Budget
Financial Record
What report provides information on revenue, expenses, and net income or loss from operations for a specific period?
Income Statement
Balance Sheet
Operating Budget
Startup Budget
What is the financial record of employee compensation, deductions, and net pay called?
Payroll
Financial Record
Income Statement
Budget
What is the comparison of a company's financial elements that indicate how well the business is performing called?
Financial Performance Ratios
Balance Sheet
Income Statement
Assets
The three most important financial reports are:
Revenue Report, Shareholder Equity, Profit Analysis
Profit Analysis, Balance Sheet, Cash Flow Statement
All answers are correct
Income Statement, Balance Sheet, Cash Flow Statement
Operating Expenses include:
Rent on office space
Office Supplies
Salaries and Wages
All answers are correct
“NET INCOME also known as NET PROFIT” is:
Profit before you pay taxes and interest
Profit before you deduct operating expenses
The money used to pay taxes and health benefits
Profit left over after all the expenses have been deducted from your total revenue
A balance sheet reports:
A company's cash position and assets
A company's profit, loss and expenses
a company's assets on one side, and liabilities, and shareholder equity on the other
None of the answers are correct
"Accounts Receivable" is the money:
deducted from net income
owed before taxes
owed by you the company
owed to you but not yet received
Assets - 100,000
Liabilities- 25,000
Owner's Equity- ?
Assets - 200,000
Liabilities- ?
Owner's Equity- 90,000
Assets - ?
Liabilities- 25,000
Owner's Equity- 100,000
A restaurant spent $12,000 to run their business last month. They made $15,000. Did they make a profit or have a loss?
Profit
Loss
An ice cream shop spent $5,000 last month to run their business. They made $3,000. Did they make a profit or have a loss?
Profit
Loss
A pet store spent $17,000 last month to run their business. They made $20,000 last month. Did they make a profit or have a loss?
Profit
Loss
Total Revenue- Cost of Goods Sold = Gross Profit
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
Total Revenue- Cost of Goods Sold = Gross Profit
Gross Profit - Total Operating Expenses- Taxes = Net Profit
Net Profit = 500
Income = 2000
Expenses = 1000
Taxes = 200
Cost of Goods Sold = ?
1500
1000
3000
300
