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Twelfth Grade (Grade 12) Business Questions

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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
Notes Payable, Accounts Payable, and Wages Payable are examples of             liability             accounts which will be reported on the balance sheet.
Grade 12 Business
The bookkeeping or accounting equation is Assets = Liabilities + Owner's          Equity         .
Grade 12 Business
The amount owed on a bank loan will appear as a          credit          balance in the accounts         Notes         payable.
Grade 12 Business
Which statement explains an advantage to investing in precious gems?
  1. Gems are not easily converted to cash.
  2. Political unrest can affect supply and demand.
  3. It can be difficult to determine the quality of a gem.
  4. People have prized precious gems throughout history.
Grade 12 Business
How old must you be to buy real estate on your own?
  1. 15
  2. 18
  3. 21
  4. 23
Grade 12 Business
The time length on most mortgages is usually 15 or                 years.
  1. 10
  2. 20
  3. 25
  4. 30
Grade 12 Business Technology
Action verbs should be used in workplace writing because they make statements concise and as a result, easier to understand.
  1. True
  2. False
Grade 12 Accounting
Anything of value that is owned
Grade 12 Accounting
Anything of value that is owned.
Grade 12 Accounting
Financial Rights to the Assets of a Business.
Grade 12 Accounting
A form for recording transactions in chronological order
Grade 12 Business
Homes fluctuate in value.
  1. True
  2. False
Grade 12 Business
Which of the following best defines risk as it relates to insurance?
  1. It is risking one's life.
  2. It is something you take.
  3. It is the fact of growing old.
  4. It is the possibility of insuring a loss.
Grade 12 Business
A supplier of good or services is known as a          vendor         .
Grade 12 Business
The difference between the balance in a company's cash account and its bank statement is documented in the                  reconciliation                  of the bank statement.
Grade 12 Business
Sales on account will increase two account balances: Sales and                       Accounts Receivable                      .
Grade 12 Business
In a bank reconciliation, the deposits in transit will be an adjustment to the balance per the        bank       .
Grade 12 Business
A common characteristic of adjusting entries is that a balance sheet account and                       an income statement                       account are involved.
Grade 12 Business
What is Real Estate?
  1. Land and anything attached to it
  2. homes
  3. parks
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