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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 Technology
What does a credit score tell about a consumer?
  1. The total number of credit accounts a consumer has
  2. The consumer's credit worthiness
  3. How long the person has had credit
  4. The average amount the consumer owes on their accounts
Grade 12 Business Technology
The Great Depression resulted in over 25% of all working Americans to lose their jobs.
  1. True
  2. False
Grade 12 Accounting
Resources owned by a business are referred to as
  1. owners' equity.
  2. liabilities.
  3. assets.
  4. revenues.
Grade 12 Business Technology
Convert binary number 10011 to decimal
  1. 19
  2. 11
  3. 23
  4. 9
Grade 12 Accounting
A credit to the accounts receivable account
  1. indicates a sale to customers on account has occurred.
  2. indicates a payment from customers on their account has been received.
  3. is an error.
  4. indicates that a liability has been incurred.
Grade 12 Accounting
What are liabilities?
  1. costs of selling products or services
  2. distributions to stockholders
  3. owners' claims to resources
  4. expense to run business
  5. amounts owed
Grade 12 Accounting
A debit is the normal balance for which account listed below?
  1. Capital account
  2. Service Revenue account
  3. Accounts Payable account
  4. Accounts Receivable account
Grade 12 Accounting
What's revenue?
  1. costs of selling products or services
  2. expense to run business
  3. sales of products or services
  4. distributions to stockholders
  5. Assets purchased to run business
Grade 12 Accounting
What are expenses?
  1. Cost of selling products or services
  2. Amounts owed
  3. Distributions to stockholders
  4. Owners' claims to resources
Grade 12 Accounting
XYZ, Inc. borrowed $1,000 from the bank and debited its cash account for $1,000. What should be done to complete the recording of the transaction?
  1. Nothing further must be done.
  2. Debit a owners' equity account for $1,000.
  3. Credit another asset account for $1,000.
  4. Credit a liability account for $1,000.
Grade 12 Business Technology
Which type of resume places emphasis on your work experience?
  1. Chronological
  2. Skills
  3. Neither
  4. Both
Grade 12 Business Technology
Which political party believes that government is usually the best solution to solving important social and economic problems?
  1. Republican
  2. Democratic
  3. Libertarian
  4. Tea Party
Grade 12 Business Technology
Which of the following is an ILLEGAL interview question?
  1. Where was your last job?
  2. Where did you go to high school?
  3. How old are you?
  4. All are illegal
Grade 12 Business Technology
The Business career cluster is only for those people with college degrees.
  1. True
  2. False
Grade 12 Accounting
What is owners' equity?
  1. sales of products or services
  2. owners' claims to resources
  3. resources owned
  4. costs of selling products or services
  5. amounts owed
Grade 12 Business
Income property is used to generate income.
  1. True
  2. False
Grade 12 Business
Which of the following terms refers to the amount you must pay before the insurance company will pay the claim?
  1. risk
  2. insurance
  3. deductible
  4. policy
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
Accounts such as Cash, Accounts Receivable and Equipment are examples of         asset         accounts which will be reported on the balance sheet.
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