Foundations Of Business Quiz: Accounting

34 Questions | By Jmundo | Last updated: Mar 21, 2022 | Total Attempts: 72

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Foundations Of Business Quiz: Accounting - Quiz

Business is the institution in which people can make a living or help others by creating or buying, and selling goods and services. Accounting is the measuring, analyzing, and communicating financial information about businesses and corporations. This quiz necessitates your comprehension of what simplified equation best refers to Assets=Liability, what happens if you go bankrupt, what GNA stands for, etc. This quiz will help you learn the foundations of a business. Could you give it a go? If yes, let's get started.

Questions and Answers

1.

What is a P/E?
- A.
  
  Placement Equity
- B.
  
  Price to Earning
- C.
  
  Parameter Element
- D.
  
  Price minus Equity
2.

An AA bond is a less ___________ than an A Bond.
3.

What simplified equation best refers to Assests = Liability plus Equity
- A.
  
  A=L+E
- B.
  
  L+E = A
- C.
  
  None of these are correct
- D.
  
  L+E-A=Assets
4.

Accounts cut ______ and Marketers ________ on advertising. (seperate answer with comma).
- A.
  
  Costs, spend
- B.
  
  Costs, invest
- C.
  
  Corners, mitigate
- D.
  
  Spending, invest
5.

George Lucas, owner of the Star Wars enterprise. Gets a Retained earning of 5% of anytime the use of Starwarslogo is used.
- A.
  
  True
- B.
  
  False
6.

If you are storing goods you manugacture, its an expense, not a cost.
- A.
  
  True
- B.
  
  False
7.

Storing tools is an expense.
- A.
  
  True
- B.
  
  False
8.

If you go bankrupt you skip out on all expenses except ______________.
9.

Which of the gollowing can you use to figure profitability from a balance sheet?
- A.
  
  Income Statement
- B.
  
  Profit and Loss Statement
10.

Net Profit over Net Sales = _______________________ _
11.

Luca Pacioli was dubbed the "__________ of double-entry bookkeeping"
- A.
  
  Orator
- B.
  
  Master
- C.
  
  King
- D.
  
  Father
12.

Pacioli says you have to have good: Math skills, good records, and you have to use _________ and _________. (use a comma to sperate answers)
13.

GNA refers to:
- A.
  
  General Nominal Apposition
- B.
  
  General and Administrative Expenses
- C.
  
  Government National Association
- D.
  
  Grandoire Name Act
14.

Pacioli used the Venitian system for Debits and Credits.
- A.
  
  True
- B.
  
  False
15.

Sarbanes-Oxley is a law that says the _________ can go to Jail.
16.

Which order in accounting is correct?
- A.
  
  Memo, Journal, Ledger
- B.
  
  Ledger, Journal, Memo
- C.
  
  Journal, Ledger, Audit
- D.
  
  Memo, Ledger, Journal
17.

Memorandum is all the _____ of sales made.
18.

The Geisha became poor through accounting.
- A.
  
  True
- B.
  
  False
19.

According to Saikaku an accountants obligation is to __________________. (hint: two words)
- A.
  
  Audit accounting
- B.
  
  Establish marketing mix
- C.
  
  Cut cost
- D.
  
  Budget the books
20.

According to Saikaku, woman make better accountants.
- A.
  
  True
- B.
  
  False
21.

What story does Saikaku teach, that says if you let them cool you will pay less by weight.
- A.
  
  Hotcakes story
- B.
  
  Hotdog story
- C.
  
  Pancake story
- D.
  
  Rice story
22.

Which pricing stratagey has an objective to enter the market as fast as possible and at the lowest price to discourage competitors). This is the statagey to capture the most market share.
- A.
  
  Penetration
- B.
  
  Skimming
23.

To create an efficient and effective distribution system you would widen as many channels as you can.
- A.
  
  True
- B.
  
  False
24.

Velocity is the _________ in which you get to the market.
25.

Physchographic is the study of human behavior and ____________, while demographic is the study of hhuman occupation.