Tax
What is a document that reports income, expenses, and the amount of tax an individual or entity is liable to pay?
a. Tax Return
b. Balance Sheet
c. Income Statement
d. Statement of cash flows
a. Tax Return
Which category on the Balance Sheet includes cash, accounts receivable, equipment, and inventory?
a. Liabilities
b. Assets
c. Expenses
d. Equity
b. Assets
What statement shows a company's income and expenses?
a. Balance Sheet
b. Cash Flows
c. Income Statement
d. Owner's Equity
c. Income Statement
What is accounting?
a. The process of keeping financial records and accounts
b. The summary of financial data
c. A long term asset
d. Math term
a. The process of keeping financial records and accounts
This was the most streamed artist on Spotify in 2023:
a. Drake
b. Morgan Wallen
c. Taylor Swift
d. Bad Bunny
c. Taylor Swift
Form 1065 is filed by which form of business?
a. Exempt Organization
b. S Corporation
c. C Corporation
d. Partnership
d. Partnership
Accounts Payable is shown in this section of the Balance Sheet?
a. Assets
b. Equity
c. Revenue
d. Liabilities
d. Liabilities
What is the final "result" of an Income Statement?
a. Net Ratio
b. Net Income
c. Total Revenue
d. Total Assets
b. Net Income
This represents the usual length of a fiscal period:
a. One year
b. Six months
c. Three months
d. Three years
a. One year
What is the highest grossing movie of all time?
a. Avatar
b. Titanic
c. Avengers: Endgame
d. The Lion King
a. Avatar
Which tax form is filed by an S Corporation?
a. 1065
b. 1040
c. 1120-S
d. 1120
c. 1120-S
Assets that are expected to be converted into cash within one year are called ____?
a. Long-term Assets
b. Long-term Liabilities
c. Current Assets
d. Current Liabilities
c. Current Assets
What are the two main parts of an income statement?
a. Income and Liabilities
b. Equity and Expenses
c. Assets and Liabilities
d. Income and Expenses
d. Income and Expenses
What is the accounting equation?
a. Assets = Liabilities/Owner's Equity
b. Assets = Liabilities + Owner's Equity
c. Assets = Liabilities x Owner's Equity
d. Owner's Equity = Assets + Liabilities
b. Assets = Liabilities + Owner's Equity
Which NFL Team has won the most Super Bowls with 6?
a. Steelers
b. 49ers
c. Patriots
d. Cowboys
a. Steelers
AND
c. Patriots
Most U.S. citizens are required to file this form:
a. Form 1120
b. Form 1065
c. Form 1040
d. Form 990
c. Form 1040
Which asset is increased as a result of the sale of goods or services on account?
a. Cash
b. Accounts Payable
c. Net Income
d. Accounts Receivable
d. Accounts Receivable
What is an accounting method used to reduce the value of an asset over time?
a. Accrual
b. Cash
c. Depreciation
d. Asset Reduction
c. Depreciation
What is property value owned by a business?
a. Asset
b. Liability
c. Revenue
d. Equity
a. Asset
The more of this there is, the less you see. What is it?
Darkness
What type of tax return is filed by Wall High School?
a. 990
b. 1065
c. 1040
d. 1120
a. 990
Current Assets are listed in order of _____?
a. Value
b. Liquidity
c. Receipt
d. Doesn't matter
b. Liquidity
Which of the following is an example of a Fixed Expense:
a. Wages
b. Raw Materials
c. Rent
d. Shipping Costs
c. Rent
What does GAAP stand for?
a. Government Accounting Auditing Principles
b. Generally Accepted Accounting Policies
c. Generally Accepted Auditing Principles
d. Generally Accepted Accounting Principles
d. Generally Accepted Accounting Principles
Who was the first MLB pitcher to throw a ball 100 miles per hour?
a. Aroldis Chapman
b. Tom Seaver
c. Shohei Ohtani
d. Nolan Ryan
d. Nolan Ryan