Strand 5 And 6 Vocab Review Question Preview (ID: 34335)


Strand 5 And 6 Review. TEACHERS: click here for quick copy question ID numbers.

The accounting equation is...
a) Assets + Liabilities = Owner's Equity
b) Assets = Liabilities + Owner's Equity
c) Assets = Liabilities = Owner's Equity
d) Assets - Liabilities = Owner's Equity

Anything of value that is owned by an individual or a business
a) Assets
b) Liabilities
c) Owner's Equity
d) Liquidity

All of the following are examples of assets EXCEPT...
a) Cash
b) Credit Card Bill
c) Equipment
d) Computer

Debts that a business owes are called....
a) Liabilities
b) Assets
c) Liquidity
d) Equity

Forecasting your future Income and Expenses and planning where your money will go is called...
a) Spending
b) Budgeting
c) Balancing
d) Paying

May is in the __________ quarter of the accounting year.
a) 2nd
b) 3rd
c) 1st
d) 4th

Which of the following is NOT reported on a balance sheet?
a) Revenue
b) Assets
c) Owner's Equity
d) Liabilities

A balance sheet is a report on the financial health of a business.
a) Over a range of time
b) On a specific day
c) For the entire year
d) For one quarter of a year

All are reported on an Income Statement EXCEPT
a) Revenue
b) Expenses
c) Net Income/Net Loss
d) Assets

When the business's expenses are greater than its income the business has a....
a) Net Income
b) Net Loss
c) Balance Sheet
d) Income Statement

Shares of ownership in a company
a) Stocks
b) Bonds
c) Mutual Funds
d) Dividends

When and investor loans money to an entity (usually government) for a period of time for an interest rate. Like an IOU.
a) Bonds
b) Stocks
c) Mutual Funds
d) Debt

A collection of stocks or bonds in a big fund that you can own shares of.
a) Mutual Fund
b) Stock
c) Bond
d) Risk

A distribution of a portion of a company's earnings to its shareholders.
a) Dividend
b) Stock
c) Reward
d) Bond

If you buy a stock for $53 and sell it for $60 you will have a....
a) $7 gain
b) $7 loss
c) $53 gain
d) $60 gain

In general, the higher the risk you are willing to take....
a) The higher the reward could be
b) The lower the reward will probably be
c) The more debt you will have
d) The less money you will have

The idea that money at the present time is worth more than the same amount in the future due to its potential earning capacity.
a) Time value of money
b) Mutual Fund management
c) Compound interest
d) Risk/return

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