Quiz: Business And Accounts Questions

16 Questions | Total Attempts: 53

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Accounting Quizzes & Trivia

First test in the Futures in Busienss Course


Questions and Answers
  • 1. 
    The formula for Owner's Equity is:
    • A. 

      Owner's Equity = Assets - Liabilities

    • B. 

      Owner's Equity = Liabilities + Assets

    • C. 

      Liabilities= Owner's Equity + Expenses

    • D. 

      Owner's Equity = Cost of goods Sold + Assets

  • 2. 
    Cost of Goods Sold refers to:
    • A. 

      How many items you sold

    • B. 

      How much money you received for those goods

    • C. 

      How much you paid for those goods

    • D. 

      The cost minus the expense of selling those goods

  • 3. 
    Gross Income =
    • A. 

      Total sales + net profit

    • B. 

      Total sales - cost of goods

    • C. 

      Expenses + cost of goods

    • D. 

      Cost of Goods - expenses

  • 4. 
    A service business must include the cost of goods sold
    • A. 

      True

    • B. 

      False

  • 5. 
    Revenue is:
    • A. 

      Money received from all sales

    • B. 

      Money left after expenses are deducted

    • C. 

      Taxable income

    • D. 

      The cost of doing business

  • 6. 
    A company balance sheet:
    • A. 

      Records revenue, expenses and owner's equity

    • B. 

      Must have equal assests and liabilities

    • C. 

      Should list company owned stuff

    • D. 

      All of the above

    • E. 

      None of the above

  • 7. 
    Net pay is:
    • A. 

      Gross pay minus holidays

    • B. 

      Hours worked * hourly rate minus deductions

    • C. 

      Is always more than gross pay

    • D. 

      The amount you are taxed on

  • 8. 
    The accounting equation is:
    • A. 

      A detailed record of expenses

    • B. 

      A spreadsheet listing expenses

    • C. 

      Assets = Liabilities + Owner’s Equity

    • D. 

      Gross pay = net pay - deductions

  • 9. 
    A business with only one owner is called:
    • A. 

      Partnership

    • B. 

      Corporation

    • C. 

      Sole proprietorship

    • D. 

      Franchise

    • E. 

      Cooperative

  • 10. 
    A business that a couple of friends would set up is called:
    • A. 

      Partnership

    • B. 

      Corporation

    • C. 

      Sole proprietorship

    • D. 

      Franchise

    • E. 

      Cooperative

  • 11. 
    A business that wants to avoid personal liability is called:
    • A. 

      Partnership

    • B. 

      Corporation

    • C. 

      Sole proprietorship

    • D. 

      Franchise

    • E. 

      Cooperative

  • 12. 
    A business with many equal members is called:
    • A. 

      Partnership

    • B. 

      Corporation

    • C. 

      Sole proprietorship

    • D. 

      Franchise

    • E. 

      Cooperative

  • 13. 
    A business where a larger organization provides national advertising and supplies is called:
    • A. 

      Partnership

    • B. 

      Corporation

    • C. 

      Sole proprietorship

    • D. 

      Franchise

    • E. 

      Cooperative

  • 14. 
    SMART Goals are (check off the five correct answers):
    • A. 

      Specific

    • B. 

      Measurable

    • C. 

      Strong

    • D. 

      Activity based

    • E. 

      Reliable

    • F. 

      Attainable

    • G. 

      Trustable

    • H. 

      Affordable

    • I. 

      True

    • J. 

      Timely

    • K. 

      Marketable

    • L. 

      Relevant

  • 15. 
    When evaluating a product you might want to sell you need to consider the following features (check off the five correct answers)
    • A. 

      Size

    • B. 

      Shelf Life

    • C. 

      Store appeal

    • D. 

      Market appeal

    • E. 

      Merchandising factors

    • F. 

      Time needed to finish

    • G. 

      Colour of the wrapping

    • H. 

      Safety

  • 16. 
    If you are offering a service you need to consider the following concerns (check off the five correct answers)
    • A. 

      Size of truck

    • B. 

      Shelf Life of supplies

    • C. 

      Special skills required

    • D. 

      Time

    • E. 

      Merchandise value

    • F. 

      Consumer longevity

    • G. 

      Availability of supplies

    • H. 

      Safety

    • I. 

      L/100Km

    • J. 

      Group labour abilities

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