Finance And Accounting Quiz
10 Questions
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This is a quiz to check for your understanding of the material presented to you via your expert groups on the various finance and accounting principles. Understanding this material is essential for you to finish up your final project for the year: the Business Plan
Questions and Answers
- 1.These are items that will be held for more than one year, and include the following: equipment, trucks, and buildings.
- A.
Accounts payable
- B.
Fixed assets
- C.
Current assets
- D.
Calendar year
- 2.Which of the following is not considered a source of funding a start-up business?
- A.
Personal Savings
- B.
Angel Investor
- C.
Partner
- D.
Due diligence
- 3.This report shows how much cash your business took in and where the cash went. This is a major consideration that investors and lenders want to see constant and positive when giving you money for your business.
- A.
Cash flow statement
- B.
Balance sheet statement
- C.
Income statement
- D.
Profit and Loss statement
- 4.These are business expenses that change with the volume of products produced such as supplies, wages, and production materials.
- A.
Fixed expenses
- B.
Variable expenses
- C.
Forecasting Sales
- D.
Break-even point
- 5.
- A.
80
- B.
60
- C.
21
- 6.This type of statement reports the revenue, expenses, and net income or loss for the accounting period
- A.
Cash flow statement
- B.
Income statement
- C.
Balance sheet statement
- 7.This source of financing is a private investor who funds start-up companies. These are also nonprofessional financing sources. They are often friends, relatives , and business associates who invest because of their belief in the business
- A.
Angel
- B.
Partner
- C.
Bank
- D.
Venture Capitalist
- 8.For accounting and financial purposes, anything of value that a business owns is considered:
- A.
a liability
- B.
An asset
- C.
Cash
- 9.Assets = Liabilities + Owner's Equity
- A.
True
- B.
False
- 10.These expenses do not change with the number of units produced. Examples might include insurance and rent
- A.
Fixed expenses
- B.
Variable expenses
- C.
Break-even point
- D.
Profit margin
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