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Twelfth Grade (Grade 12) Business Questions

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Grade 12 Finance
Which of the following describes when an individual, family or business assumes the total risk of economic loss?
  1. coinsurance
  2. self-insurance
  3. liability risk
  4. premium
Grade 12 Business
Sales, Rent Expense, and Interest Expense are examples of accounts that will be reported on this financial statement         income                     statement            .
Grade 12 Business
Accounts such as Cash, Accounts Receivable and Equipment are examples of         asset         accounts which will be reported on the balance sheet.
Grade 12 Business
Which term refers to the crime of obtaining money or some other
benefit by deliberate deception?
  1. opportunity cost
  2. investing
  3. fraud
  4. equity
Grade 12 Business
Rental property is bought as the payments are made.
  1. True
  2. False
Grade 12 Business
Income property is used to generate income.
  1. True
  2. False
Grade 12 Business
The two main methods of bookkeeping and accounting are the cash method and the           accrual           method.
Grade 12 Business
Liability accounts will normally have          credit          balances
Grade 12 Business
When a check is written, a cash account should be            credited            .
Grade 12 Business
A supplier of good or services is known as a          vendor         .
Grade 12 Business
The word used by bookkeepers to indicate the left side of an account is         debit        .
Grade 12 Business
The minimum number of general ledger accounts affected by a transaction is       two      .
Grade 12 Business
Notes Payable, Accounts Payable, and Wages Payable are examples of             liability             accounts which will be reported on the balance sheet.
Grade 12 Business
The unexpired portion of a prepaid property insurance premium should be reported as            an asset           .
Grade 12 Business
The report that sorts the accounts receivable into categories such as current, 1-30 days past due, 31-60 days past due and so on is the         aging         of accounts receivable.
Grade 12 Business
Which is NOT considered to be a precious metal?
  1. gold
  2. emerald
  3. silver
  4. platinum
Grade 12 Business
The contra asset account,                                   Allowance for Doubtful accounts                                  , reports the estimated amount of accounts receivable that may not turn into cash.
Grade 12 Business
Which term refers to a multi-unit house which is a jointly-owned apartment building?
  1. a cooperative
  2. a condominium
  3. a townhouse
  4. a duplex
Grade 12 Business
Current and Quick are both                  ratios.
  1. Profitability
  2. Liquidity
  3. Return on Equity
  4. Asset
Grade 12 Business Technology
The Great Depression resulted in over 25% of all working Americans to lose their jobs.
  1. True
  2. False
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