Quiz: Basic Finance Test! Trivia

8 Questions | Total Attempts: 306

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Quiz: Basic Finance Test! Trivia

Quiz: basic finance test trivia. One of the first things that a person learns about in a finance class is the balance sheet which shows the assets, liabilities and equity of a company. You should know what to debit and when to credit different accounts. Take up the quiz and get to review what you remember about these items from the first finance classes and what you need to know to flourish in the field you wish to practice in.


Questions and Answers
  • 1. 
    Formula B is the most common formula?
    • A. 

      True

    • B. 

      False

  • 2. 
    A coal mining search can be done via
    • A. 

      Post

    • B. 

      Fax

    • C. 

      DX

    • D. 

      In person

    • E. 

      Over the telephone

  • 3. 
    It is acceptable for the ..........solicitor to act for the buyer and .........  ......... as long as there is no conflict of interest.
  • 4. 
    The financial statement that reports the revenue and expense for a period of time such as year or month:
    • A. 

      Balance sheet

    • B. 

      Income statement

    • C. 

      Statement of cash flows

    • D. 

      Journal

  • 5. 
    Assets are usually reported on the balance sheet at which amount?
    • A. 

      Cost

    • B. 

      Current market value

    • C. 

      Expected selling price

    • D. 

      None

  • 6. 
    An obligation is reported on the balance sheet are referred to as
    • A. 

      Asset

    • B. 

      Liability

    • C. 

      Retained earnings

    • D. 

      Income

  • 7. 
    The accounting equation referred to as
    • A. 

      Asset = liability + equity

    • B. 

      Asset + equity = liability

    • C. 

      Asset + liability = equity

    • D. 

      None

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