Intro to Business: Chapter 12 Review
Authored by Deda Rush
Specialty
9th - 12th Grade
Used 27+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All income that a business receives over a period of time is called profit.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To prepare a budget, a business must be able to identify and predict the amount of each source of income and each type of expense.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An accounts receivable record identifies the companies from which credit purchases were made and the amount purchased, paid and owed.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sales and profits for a specific period are reported in a company's income statement.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets - Liabilities = Owner's Equity
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Payroll taxes consist of income taxes, Social Security, Medicare, and unemployment taxes.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The company's liabilities divided by the owners' equity is the current ratio.
True
False
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