Financial Literacy Quiz
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Questions and Answers

Which of the following is a resource owned by a business entity?

  • Equity
  • Expenses
  • Revenue
  • Liabilities (correct)
  • What is the formula for calculating profit?

  • Assets = Liabilities + Equity
  • Assets = Liabilities + Owner's equity
  • Revenue = Sales
  • Revenue - Net income (correct)
  • Which financial statement shows the financial position of a business?

  • Balance Sheet (correct)
  • Income Statement
  • Retained Earnings Statement
  • Cash Flow Statement
  • What does the formula Assets = Liabilities + Equity represent?

    <p>The financial position of a business</p> Signup and view all the answers

    Which type of business has the highest level of ownership and control?

    <p>Corporation</p> Signup and view all the answers

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