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- 1. Multiple Choice
Which one is not belongs to liability?
Mobile Phone Bill
Bank Loan
Bank Balance
Owed To Friends
- 2. Multiple Choice
Property owned by the business is under which title
Liability
Asset
Owner's Equity
Net Worth
- 3. Multiple Choice
Debts and financial obligations (responsibilities).
Liabilities
Assets
Negative Net Worth
Property
- 4. Multiple ChoiceWhich of the following is considered an asset?Bank LoanMortgageDebit CardSavings account
- 5. Multiple ChoiceWhich of the following is considered a liability?Savings AccountMortgageSavings bondCoin Collection
- 6. Multiple ChoiceThe table below shows Claude's assets and liabilities. What is the total value of his assets?$24,950$25,420-$24,950$50,370
- 7. Multiple Choice
The table below shows Claude's assets and liabilities. What is the total value of his liabilities?
$24,950
-$24,520
$25,420
$50,370
- 8. Multiple Choice
Current Assets are cash or other assets that are expected to be converted to cash within a year
True
False
- 9. Multiple Choice
Which one is right?
Asset = Owner's equity + Liability
Asset = Owner's equity - Liability
Asset + Owner's equity = Liability
Asset + Owner's equity = expense
- 10. Multiple Choice
Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity
200
700
900
800
- 11. Multiple Choice
Which of the following is not categorised as Current Asset in a Balance Sheet?
Inventories
Bank Balances
Plants and Machinery
Trade Debtors
- 12. Multiple Choice
Current Assets are cash or other assets that are expected to be converted to cash within a year
True
False
- 13. Multiple Choice
Equity is
amount of finance provided by owners of the business and earnings
amount of finance provided by the creditors
amount of finance provided by the banks
amount of finance provided by the inital owners
- 14. Multiple Choice
Liquidity is a measure of the extent to which company is able to convert its cash or equivalent to meet its current financial obligations. True or False?
True
False
- 15. Multiple ChoiceWhat period of time does a balance sheet cover?One quarterOne moment in timeOne yearOne tax year
- 16. Multiple ChoiceWhich of these is a liability?Cash in bankMoney owed to other business (creditors)StockMachinery
- 17. Multiple ChoiceWhich of these is an asset?A loan to buy a vanA satisfied customerAny stock (Inventory) that you haveReduced rent
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