S3 Accounts Introduction Quiz
Authored by Chantelle Scott
Business
7th Grade
Used 3+ times
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24 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of accounting in a business?
To hire employees
To keep track of all financial transactions
To create advertisements
To purchase inventory
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of business organization mentioned in the image on page 1?
Sole Trader
Cooperative
Private Limited Companies
Social Enterprise
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a business record as sales?
Money spent on inventory
Money spent on wages
Money received from customers
Money spent on advertising
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the image on page 1, which type of business organization aims not to make a profit but to serve the local community?
Private Limited Companies
National Government
Non-profit making
Sole Trader
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What must a business pay for besides inventory?
Only wages and rent
Products, services, and advertising
Only products and services
Only advertising and postage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a sole trader in the context of business?
A type of partnership
A corporation
A business owned and managed by one person
A non-profit organization
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is another term for the money invested in a sole trader business?
Debt
Liability
Equity
Expense
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