Intro to Accounting and Types of Business

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Test your grasp of fundamentals of Business

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Kerwin Alexander

Trinidad and Tobago

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Intro to Accounting and Types of Business


Froggy Jumps Intro to Accounting and Types of BusinessOnline version Test your grasp of fundamentals of Business by Kerwin Alexander 1 What is the simplest definition of accounting? a B) Keeping track of money so people can make good decisions b A) Writing down every thought about money c D) Only counting change after buying doubles 2 Which describes accounting? a B) Counting, recording, and explaining money matters in a business b A) Only counting money daily c D) Just buying and selling goods 3 How does accounting help a business plan for the future? a A) By predicting the weather b B) By helping control spending and know profit or loss c D) It doesn't help with future planning 4 How often does bookkeeping usually happen? a C) Daily b B) Yearly c A) Monthly 5 Which task is specific to accounting rather than bookkeeping? a B) Recording receipts and payments b C) Using information to make decisions and preparing reports c A) Writing down daily transactions 6 Who is the user of accounting info interested in profit? a D) The Suppliers b A) The Bank c B) The Owner 7 Why would the Government want accounting info? a C) To lend money b A) To see if the business is stable c B) To ensure the business pays its taxes 8 What is a bank’s primary interest in reports? a C) To check entries b A) To see if workers are happy c B) To determine if they can lend the business money 9 What is the formula for Profit? a C) Sales – Cost of Sales b B) Sales / Cost of Sales c A) Sales + Cost of Sales 10 If you bought $3,000 and sold for $4,500, what is profit? a A) $4,500 b B) $3,000 c C) $1,500 11 Which is NOT one of the main types of business organizations? a A) Sole Proprietorship b B) Partnership c D) Franchise 12 A business owned by one person is called a: a C) Corporation b B) Sole Proprietorship c A) Partnership 13 In a sole proprietorship, what is the owner's legal status? a D) The owner is only a shareholder b B) The owner is not separate from the business c A) The owner is a separate legal entity 14 Major liability issue in sole proprietorship? a A) Limited liability b C) Unlimited liability (owner is responsible for all debts) c B) No liability 15 Advantage of a sole proprietorship? a B) Easy to start and owner has complete authority b A) Unlimited life c C) Easy to raise millions 16 Business owned by 2–20 people is a: a B) Corporation b A) Sole Proprietorship c C) Partnership 17 Document needed to start a partnership? a C) A bank statement b A) A corporate charter c B) A partnership agreement 18 What is Mutual Agency in a partnership? a D) Only one partner makes decisions b A) Partners cannot talk c B) Partners can be held liable for each other's actions 19 A partner with limited liability and cannot manage is a: a B) Limited Partner b D) Sole Trader c A) General Partner 20 A Corporation is defined as a company that: a B) Is registered by a state and operates apart from its owners b D) Is always a non-profit c A) Is owned by one person 21 What is Limited Liability in a corporation? a C) No responsibility at all b A) Responsible for all debts personally c B) Owners are responsible for no more than invested 22 Major tax disadvantage of a corporation? a C) Double taxation b A) No taxes c B) Single taxation 23 To form a corporation, owners must obtain a: a C) Business license only b B) Corporate charter c A) Partnership agreement 24 Which business type is owned by members for welfare? a B) Cooperative b C) Sole Proprietorship c A) Corporation 25 Non-profit focuses on: a A) Making money for owners b D) Avoiding laws c B) Providing a service, not on profit 26 In Non-profit, if profit is made, where must it go? a B) Remain to further its goals b C) Government c A) Owner's pocket 27 Franchise is a contractual agreement to use name in area: a C) Franchise b D) Sole Trader c A) Partnership 28 Example of a franchise? a A) Local barber shop b D) Digicel c B) KFC 29 Sole proprietorship and death survive how? a D) Becomes a corporation automatically b A) It continues forever c B) The business ends 30 Advantage of a partnership over sole proprietorship? a C) One person makes all decisions b B) Pooled capital and shared skills c A) Unlimited liability 31 What is the process to wind up a partnership? a C) Marketing b B) Dissolution c A) Evolution 32 Non-judicial dissolution means: a B) Court not required to intervene b A) Court intervenes c D) When sold to public 33 Judicial dissolution occurs when: a D) Partner retires peacefully b B) Court intervenes with an order c A) Partners agree on everything 34 If a partnership is at will, how can it dissolve? a A) By court order only b C) They cannot dissolve it c B) By notice to the other partners 35 What auto-dissolves a partnership unless otherwise agreed? a A) A partner getting a cold b D) Moving offices c B) Death or bankruptcy of a partner 36 Reason a court might order dissolution? a B) Fraud or illicit behavior by a partner b A) Too successful c C) Best friends. 37 First step usually required to dissolve a partnership? a A) Hire more staff b B) Liquidate assets c C) Buy more inventory 38 Remaining cash after dissolution is: a A) Given to government b B) Distributed to partners based on capital c D) Thrown away 39 If activities become illegal, dissolution is: a B) A reason for dissolution b C) Becomes non-profit c A) Must continue 40 Does death of a member auto-dissolve an LLP? a C) Only if owner b B) No, not automatic c A) Yes, always 41 Purpose of a cooperative? a A) Make owner rich b B) To save money for members c D) Avoid paying workers 42 Ah Counting Meh Change refers to: a A) High-level calculus b B) The start of accounting c D) Government tax 43 Role managing money matters in business? a A) Marketing b D) Production c B) Accountant 44 Which pays NO taxes due to no profit? a B) Sole Proprietorship b C) Nonprofit organization c A) C-Corporation 45 What does unlimited liability mean for a partner? a A) Lose only invested b C) No liability c B) Unlimited personal liability 46 Credit Union is an example of: a B) Cooperative b D) Partnership c A) Sole Proprietorship 47 If a partner makes a bad decision, who is responsible? a A) Only that partner b D) No one c B) All partners share responsibility 48 Starting budget in Accounting in Action? a A) $1,000 b B) $10,000 c C) $100,000 49 Which area handles Sales? a C) Sales/Marketing b A) Human Resources c B) Production

Intro to Accounting and Types of Business

Froggy Jumps

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Intro to Accounting and Types of BusinessOnline version

by Kerwin Alexander

What is the simplest definition of accounting?

Which describes accounting?

How does accounting help a business plan for the future?

How often does bookkeeping usually happen?

Which task is specific to accounting rather than bookkeeping?

Who is the user of accounting info interested in profit?

Why would the Government want accounting info?

What is a bank’s primary interest in reports?

What is the formula for Profit?

If you bought $3,000 and sold for $4,500, what is profit?

Which is NOT one of the main types of business organizations?

A business owned by one person is called a:

In a sole proprietorship, what is the owner's legal status?

Major liability issue in sole proprietorship?

Advantage of a sole proprietorship?

Business owned by 2–20 people is a:

Document needed to start a partnership?

What is Mutual Agency in a partnership?

A partner with limited liability and cannot manage is a:

A Corporation is defined as a company that:

What is Limited Liability in a corporation?

Major tax disadvantage of a corporation?

To form a corporation, owners must obtain a:

Which business type is owned by members for welfare?

Non-profit focuses on:

In Non-profit, if profit is made, where must it go?

Franchise is a contractual agreement to use name in area:

Example of a franchise?

Sole proprietorship and death survive how?

Advantage of a partnership over sole proprietorship?

What is the process to wind up a partnership?

Non-judicial dissolution means:

Judicial dissolution occurs when:

If a partnership is at will, how can it dissolve?

What auto-dissolves a partnership unless otherwise agreed?

Reason a court might order dissolution?

First step usually required to dissolve a partnership?

Remaining cash after dissolution is:

If activities become illegal, dissolution is:

Does death of a member auto-dissolve an LLP?

Purpose of a cooperative?

Ah Counting Meh Change refers to:

Role managing money matters in business?

Which pays NO taxes due to no profit?

What does unlimited liability mean for a partner?

Credit Union is an example of:

If a partner makes a bad decision, who is responsible?

Starting budget in Accounting in Action?

Which area handles Sales?