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Seventh Grade (Grade 7) Business Questions

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Grade 7 Finance
How much a person owns minus what they owe to others
  1. Principal
  2. Net Worth
  3. Range
  4. Expression
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
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
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 Business
After the complimentary close in a personal business letter what is the line spacing?
  1. Single space
  2. Double space
  3. Triple space
  4. Quadruple space
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
Grade 7 Business
In a personal business letter the top margin is set to 2 inches.
  1. True
  2. False
Grade 7 Business
Business and academic reports are formatted exactly the same way.
  1. True
  2. False
Grade 7 Business
A quadruple space, in between lines of text, leave three blank lines.
  1. True
  2. False
Grade 7 Business
Explain what open and closed notation means? (hint: the same thing as open and mixed punctuation)
Grade 7 Business
The difference between unbound and left-bound reports is that the right margin is adjusted by 1/2 inch in a left-bound report.
  1. True
  2. False
Grade 7 Business
To calculate the net income of a business one must complete which math equation?
  1. Revenue - Liabilities
  2. Revenue - Expenses
  3. Revenue - Assets
  4. Assets - Liabilities
  5. Liabilities + Expenses
Grade 7 Business
Which of the following gives the business its revenue?
  1. Assets
  2. Sales
  3. Expenses
  4. Liabilities
  5. None of the above
Grade 7 Business
Why do Businesses complete financial reports?
  1. Businesses want to keep track of their money
  2. Businesses want to let other people know how the business is doing
  3. Businesses need to know how much money to pay in taxes
  4. All of the above
Grade 7 Business
Which of the following is an example of a Liability?
  1. Bank Loan
  2. Advertising
  3. Inventory
  4. Sale of Office machines
  5. Company Car
Grade 7 Business
What should be used AT ALL TIMES to manage sudden electrical changes:
  1. Electricity
  2. Surge protector
  3. A plug
Grade 7 Business
Profit is not something that a business needs to worry about.
  1. True
  2. False
Grade 7 Business
When there is a colon after the salutation and a comma after the complimentary close this is known as open punctuation.
  1. True
  2. False
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