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Free Exam: Lesson 12: Financial Statements

Number of Questions in Test: 10
Number of Questions in Preview: 5
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Question 1

The assets of a business should always balance with its liabilities plus equity. True or false?

Type: Multiple choice
Points: 1
Randomize answers: No

Question 2

A loan that must be paid within one year is not a current liability. True or false?

Type: Multiple choice
Points: 1
Randomize answers: No

Question 3

This shows your revenue and expenses for a given period of time and the difference between them--your profit:

Type: Multiple choice
Points: 1
Randomize answers: No

Question 4

Stolen goods would be placed under the Cost of Good Sold heading on an Income Statement. True or False?

Type: Multiple choice
Points: 1
Randomize answers: No

Question 5

This is shown as an asset on your balance sheet:

Type: Multiple choice
Points: 1
Randomize answers: No

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