Practice Common Terms and Their Meanings - 14.9 | 14. Introduction to Financial and Management Accounting | Management 1 (Organizational Behaviour/Finance & Accounting)
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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is an asset?

💡 Hint: Think about what the business has.

Question 2

Easy

Define liability.

💡 Hint: Consider debts or loans.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is considered an asset in a business?

  • A loan
  • Machinery
  • Insurance

💡 Hint: Consider the definition of something owned.

Question 2

Liabilities are obligations owed to others. True or False?

  • True
  • False

💡 Hint: Think of debts.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

If a company has assets worth $500,000 and liabilities amounting to $200,000, what is its equity?

💡 Hint: Remember the main accounting equation.

Question 2

A company invests $150,000 in equipment (capital expenditure) and spends $10,000 on monthly rent (operating expenditure). How do these affect their cash flow?

💡 Hint: Think about short-term vs. long-term financial impact.

Challenge and get performance evaluation