Business Fundamentals Quiz
Business Fundamentals Quiz
Test your knowledge of basic business concepts and terms with our engaging quiz! Perfect for students, business owners, or anyone interested in learning the essentials of finance and accounting.
- Assess your understanding of assets, liabilities, and owner's equity.
- Enhance your business vocabulary.
- Learn while you quiz!
Assets taken out of a business for the owner's personal use
Capital
Withdrawal
Equities
Assets
A decrease in owner's equity resulting from the operation of a business
Account
Capital
Asset
Expenses
Amount owed by a business
Liability
Assets
Profit
Capital
A business activity that changes assets, liabilities, or owner's equity
Transaction
Expense
Reveue
Sale of An account
Anything of value that is owned
Asset
Liability
Expenses
Withdrawal
A business owned by one person
Sole trader/propreitorship
HUF
Partnership firm
The account used to summarize the owner's equity in a business
Account
Expense
Capital
Revenue
What does Revenue - Expense means
Profit
Income
Overheads
None of the Above
Anything of value that is owned by the company (such as cash, accounts receivables, vehicles, etc.) are reported on the balance sheet and are referred to as
Assets
Liability
Expense
Revenue
Assets taken out of a business for the owner's personal use
Withdrawal
Expense
Capital
Expenses
When a company pays a bill using cash, the cash account does what?
Increase
Decrease
Stays the same
Received cash from owner as investment
Increase cash and capital
Decrease cash & capital
Stays the same
Which financial statement will tell you how profitable a company is
Income Statement
Cashflow
Balance sheet
All the above
Which one of the following items would fall under the definition of a liability?
Cash
Debtors
Tax owed
Owners equity
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