Sixty-Second Accountant Quiz
Master the basics of business tracking in just 60 seconds! Don't blink!
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Quiz Questions & Answers
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Question 1: What is an asset?
Your profit
Things you owe
Things you own
Your expenses
Question 2: What are liabilities?
Your profits
Your investments
Your savings
Things you owe
Question 3: What does equity represent?
What is actually yours after liabilities
Your expenses
What you owe
Your total revenue
Question 4: What is the fundamental accounting formula?
Profit = Revenue + Liabilities
Equity = Assets - Liabilities
Assets = Liabilities + Equity
Revenue = Expenses + Profit
Question 5: If you have $1,000 in revenue and $700 in expenses, what is your profit?
$300
$1,000
$1,700
$700
Question 6: Which of the following is an example of an asset?
A truck owned by your business
An unpaid invoice
A credit card bill
A bank loan
Question 7: What happens to equity if liabilities increase?
Equity increases
Equity is irrelevant
Equity decreases
Equity remains the same
Question 8: What is the relationship between total assets, liabilities, and equity?
Assets are always greater than liabilities
Total assets equal liabilities only
Assets equal liabilities minus equity
Assets = Liabilities + Equity
Question 9: If your revenue is $2,000 and expenses are $500, what is your profit?
$2,500
$2,000
$1,500
$500
Question 10: Which of these is NOT a liability?
Cash in hand
Credit card debt
Mortgage
Business loan
Question 11: If your total assets are $10,000 and your liabilities are $4,000, how much is your equity?
$4,000
$6,000
$14,000
$10,000
Question 12: What does profit represent in a business?
Total revenue
Total expenses
Total liabilities
Net earnings after expenses
Question 13: Which statement about assets is true?
They only include physical items
They always depreciate
They are always fixed
They can be sold for cash