How Well You Know Accounting Principles? Trivia Quiz

10 Questions | Total Attempts: 717

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How Well You Know Accounting Principles? Trivia Quiz

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Questions and Answers
  • 1. 
    These are items that will be held for more than one year and include the following: equipment, trucks, and buildings.
    • A. 

      Accounts payable

    • B. 

      Fixed assets

    • C. 

      Current assets

    • D. 

      Calendar year

  • 2. 
    Which of the following is not considered a source of funding a start-up business?
    • A. 

      Personal Savings

    • B. 

      Angel Investor

    • C. 

      Partner

    • D. 

      Due diligence

  • 3. 
    This report shows how much cash your business took in and where the cash went.  This is a major consideration that investors and lenders want to see constant and positive when giving you money for your business.
    • A. 

      Cash flow statement

    • B. 

      Balance sheet statement

    • C. 

      Income statement

    • D. 

      Profit and Loss statement

  • 4. 
    These are business expenses that change with the volume of products produced such as supplies, wages, and production materials.
    • A. 

      Fixed expenses

    • B. 

      Variable expenses

    • C. 

      Forecasting Sales

    • D. 

      Break-even point

  • 5. 
    • A. 

      80

    • B. 

      60

    • C. 

      21

  • 6. 
    This type of statement reports the revenue, expenses, and net income or loss for the accounting period
    • A. 

      Cash flow statement

    • B. 

      Income statement

    • C. 

      Balance sheet statement

  • 7. 
    This source of financing is a private investor who funds start-up companies.  These are also nonprofessional financing sources.  They are often friends, relatives , and business associates who invest because of their belief in the business
    • A. 

      Angel

    • B. 

      Partner

    • C. 

      Bank

    • D. 

      Venture Capitalist

  • 8. 
    For accounting and financial purposes, anything of value that a business owns is considered:
    • A. 

      a liability

    • B. 

      An asset

    • C. 

      Cash

  • 9. 
    Assets = Liabilities + Owner's Equity
    • A. 

      True

    • B. 

      False

  • 10. 
    These expenses do not change with the number of units produced.  Examples might include insurance and rent
    • A. 

      Fixed expenses

    • B. 

      Variable expenses

    • C. 

      Break-even point

    • D. 

      Profit margin