Accounting and
Finance Terms
Quiz
Write the correct
answers on a clean
sheet of paper.
Numbered 1-15.
1. ASSETS = LIABILITIES + OWNER’S
EQUITY.
a. Income Statement
b. Budget
c. Accounting Equation
2. Referred to as “take home pay”
a. Assets
b. Net Pay
c. Owner’s Equity
3. Money that a company earns
a. Revenue
b. Liabilities
c. Payroll
4. When expenses > income
a. Profit
b. Net Pay
c. Loss
5. Costs of maintaining and operating a
business
a. Revenue
b. Expenses
c. Budget
6. Money owed by the business (debts,
accounts payable)
a. Income
b. Liabilities
c. Profit
7. Professional who records, prepares,
examines, and summarizes financial
information
a. Accountant
b. Auditor
c. Insurance Representative
8. Anything of of value that is owned by the
business
a. Revenue
b. Income
c. Assets
9. Certified Public Accountant
a. Stock Broker
b. Bank Teller
c. CPA
10. The recording of each financial
transaction of a business in an orderly
systematic fashion
a. Accounting
b. Budgeting
c. Financing
11. A money management plan (lists what
you have and what you must spend)
a. Accounting
b. Balance Sheet
c. Budget
12. When income > expenses
a. Liabilities
b. Loss
c. Profit
13. Net worth of the business
a. Assets
b. Owner’s Equity
c. Expenses
14. Financial statement that reports the
changes in the owner’s equity account
during the fiscal period.
a. Statement of Change in Owner’s Equity
b. Income Statement
c. Balance Sheet
Accounting Quiz Key
• How did you do on the
quiz???
Key
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1 C—Accounting Equation
2 B—Net Pay
3 A—Revenue
4 C–Loss
5 B—Expenses
6 B—Liabilities
7 A—Accountant
8 C—Assets
Key, continued
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9 C—CPA
10 A—Accounting
11 C—Budget
12 C—Profit
13 B—Owner’s Equity
14 A—Statement of Change in Owner’s
Equity