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Section 6
Test Description: Financing terms
Instructions: Answer all questions to get your test result.
1) Controlling expenses is important in accounting because of good record keeping
A
False
B
True
2) is defined as anything an individual or business owns t
A
Liabilities
B
Assets
3) Net worth is
A
It is the value of a person’s assets minus the amount of their liabilities
B
It is the value of a person’s liabilities minus the amount of their assets
4) A report that list company's assets, liabilities, and owner's equity
A
income statement
B
balance sheet
5) This statement covers 6 months or a year of revenue, expenses and net income or loss from operations
A
income statement
B
record of accounts
6) Identifying trends in the industry is the purpose of the __
A
government
B
local political office
7) Stock onwership is ____
A
bookkeeping
B
equity
8) Learning how to keep records of a business is called
A
marketing
B
accounting
9) The accounting cycle has __ parts
A
5
B
6
10) The purpose of accounting is to control the finances of the business
A
True
B
False
11) Being accurate and up to date is important component in accounting
A
True
B
False
12) The management of large amounts of money is defined as __
A
finance
B
marketing
13) The first step in the accounting cycle is
A
analyze
B
journal
14) The equation for accounting is
A
Accounting=Liabilities + Equity
B
Accounting= Finance- Marketing
15) A person who approved a loan for a business is called
A
creditor
B
financial analyst
16) This is the result of revenue being greater than expenses
A
net profit
B
net loss
17) Net worth is defined as the difference between a person's assets an liabilities
A
True
B
False
18) The value of the borrower's possessions, including money and property owned
A
net profit
B
capital
*select an answer for all questions
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