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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

Financial Literacy Quiz

Choose a study mode

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Questions and Answers

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

What is the formula for calculating profit?

Which financial statement shows the financial position of a business?

What does the formula Assets = Liabilities + Equity represent?

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

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