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Seventh Grade (Grade 7) Accounting Questions

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Grade 7 Accounting
An example of an Expense would be                 .
  1. Advertising
  2. Payroll
  3. Sale of equipment
  4. Electric bill
  5. All, except "C"
Grade 7 Accounting
When calculating the Owner's Equity, what math problem would be correct?
  1. Revenue - Expenses
  2. Revenue - Liabilities
  3. Assets - Liabilities
  4. Assets - Expenses
  5. None of the above
Grade 7 Accounting
A Balance Sheet consists of the following:
  1. Assets, expenses and owner's equity
  2. Assets, revenuse and net loss
  3. Assets, liabilities and owner's equity
  4. Assets, liabilities and net income
  5. none of the above
Grade 7 Accounting
On an Income Statement one will find:
  1. Assets, liabilities and owner's equity
  2. Assets, expenses and owner's equity
  3. Revenue, assets and net income
  4. Revenue, expenses and net income
  5. None of the above
Grade 7 Accounting
Occasionally businesses will lose money. When does this become a problem and the business may have to close?
  1. This is never a problem
  2. This is a problem when Liabilities are high
  3. This is a problem when Expenses are high
  4. This is a problem when Revenue and assets are high
  5. This is a problem when there is a net loss every month
Grade 7 Accounting
An Employer
  1. Hires and fires people to complete a job
  2. Bosses people around
  3. Someone owned by a business
  4. Someone who owes the business
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