5 Questions
Which of the following is a resource owned by a business entity?
Liabilities
What is the formula for calculating profit?
Revenue - Net income
Which financial statement shows the financial position of a business?
Balance Sheet
What does the formula Assets = Liabilities + Equity represent?
The financial position of a business
Which type of business has the highest level of ownership and control?
Corporation
Test your knowledge of financial terms and concepts with this quiz! Learn about assets, liabilities, owner's equity, revenue, net income, profit, and more. Challenge yourself to understand the balance sheet and income statement. Perfect for students or anyone looking to improve their financial literacy.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
