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- 1. Multiple Choice
Which of the following are Assets?
Bank Account
Bank Loan
Vehicles
Bank overdraft
Furniture and fittings
- 2. Multiple Choice
The following are liabilities .
Bank Loan
Stock / inventory
Mortgage
Accounts Payable
- 3. Multiple Choice
Equity can also be called Capital
TRUE
FALSE
- 4. Multiple Choice
When the business is owed money it is called
Accounts Receivable
Account Payable
- 5. Multiple Choice
The following are expenses
Insurance
Salaries
Sales
Fees Received
Petrol
- 6. Multiple Choice
The following are types of Income
Sales
Fees Received
Salaries
Staff Wages
Advertising
- 7. Multiple Choice
When a business owner invests in the business
This increases equity
This decreases equity
- 8. Multiple Choice
When the owner takes money out the business for personal use it is called
Drawings
Withdrawal
Investment
- 9. Multiple Choice
Assets - Liabilities = Equity
TRUE
FALSE
- 10. Multiple Choice
The following can cause an increase in equity
Owners investments +
Drawings +
Profit
Loss
- 11. Multiple Choice
The following can cause a decrease in equity
Drawings +
Loss
Profit
Income +
- 12. Multiple Choice
If I invest $2000 in my own business this causes
An increase of +$2000 in bank column
An increase of +$2000 in Equity Column
An increase in Income column of +$2000
- 13. Multiple Choice
If I buy equipment for $1000 ....which 2 of the following columns will I write in
This is a - $1000 in bank column
This is a - $1000 in equipment column
This is a + $1000 in equipment column
This is a + $1000 in bank column
- 14. Multiple Choice
If I take home $500 for personal use from my business which transactions will I carry out
Decrease bank Column by - $500
Increase bank Column by + $500
Decrease Equity by - $500
Increase Equity by + $500
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