Essentialism & Basic Finance Quiz

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Test key ideas from Essentialism and basics of finance.

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Froggy Jumps Essentialism & Basic Finance QuizOnline version Test key ideas from Essentialism and basics of finance. by CJ 1 What is a core idea of Essentialism in Chapter 3? a Doing more by multitasking b Accepting busy schedules as norm c Cutting out trivialities to manage time 2 Which accounting records revenue when the transaction occurs? a Cash accounting b Accrual accounting c Deferred accounting 3 Which financial statement shows assets, liabilities, and equity? a Statement of Cash Flows b Income Statement c Balance Sheet 4 Net worth is defined as which formula? a Assets minus Liabilities b Revenue minus Expenses c Liabilities minus Assets 5 What budgeting method starts from last year and adjusts? a Trend-Line Budgeting b Worst-Case Budgeting c Zero-Based Budgeting 6 A profit center is best described as: a A program inside the company that generates revenue b A cost-cutting unit c A standalone outside business 7 Which tax documents should be kept for audits? a Never kept, electronic only b GOOD accounting records & receipts for 7 years c Only 1 year 8 Which is not a type of tax mentioned? a Import tax b Alcohol tax c Local, state, and federal taxes 9 What is a key feature of a waiver vs. informed consent? a Informed consent releases liability; waiver does not b Waivers release negligence liability; informed consent does not c Both are always the same legally 10 Which tort is most common in health/fitness? a Reckless Misconduct b Intentional Torts c Negligence

Froggy Jumps

Essentialism & Basic Finance QuizOnline version

Test key ideas from Essentialism and basics of finance.

by CJ

What is a core idea of Essentialism in Chapter 3?

Doing more by multitasking

Accepting busy schedules as norm

Cutting out trivialities to manage time

Which accounting records revenue when the transaction occurs?

Cash accounting

Accrual accounting

Deferred accounting

Which financial statement shows assets, liabilities, and equity?

Statement of Cash Flows

Income Statement

Balance Sheet

Net worth is defined as which formula?

Assets minus Liabilities

Revenue minus Expenses

Liabilities minus Assets

What budgeting method starts from last year and adjusts?

Trend-Line Budgeting

Worst-Case Budgeting

Zero-Based Budgeting

A profit center is best described as:

A program inside the company that generates revenue

A cost-cutting unit

A standalone outside business

Which tax documents should be kept for audits?

Never kept, electronic only

GOOD accounting records & receipts for 7 years

Only 1 year

Which is not a type of tax mentioned?

Import tax

Alcohol tax

Local, state, and federal taxes

What is a key feature of a waiver vs. informed consent?

Informed consent releases liability; waiver does not

Waivers release negligence liability; informed consent does not

Both are always the same legally

Which tort is most common in health/fitness?

Reckless Misconduct

Intentional Torts

Negligence

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Essentialism & Basic Finance Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Essentialism & Basic Finance QuizOnline version

by CJ

What is a core idea of Essentialism in Chapter 3?

Which accounting records revenue when the transaction occurs?

Which financial statement shows assets, liabilities, and equity?

Net worth is defined as which formula?

What budgeting method starts from last year and adjusts?

A profit center is best described as:

Which tax documents should be kept for audits?

Which is not a type of tax mentioned?

What is a key feature of a waiver vs. informed consent?

Which tort is most common in health/fitness?

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