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 (C)</p> Signup and view all the answers

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

<p>Corporation (C)</p> Signup and view all the answers

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