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lesson02-selftest


Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University

Lesson 2 Economic Transactions and Accounting Equation Self-Test Multiple Choices 1. The ownership structure of a business includes the following forms: A. Individual, group, corporate. B. Sole proprietorship, partnership, or corporation. C. Service, manufacturing, and financial. D. Debtors, creditors, and owners. 2. Which of the following is NOT true concerning a sole proprietorship? A. A sole proprietorship is a company owned by two or more individuals. B. The owner is personally responsible for all of the decision made for the C. business. C. Income from a sole proprietorship is included on the owner’s personal tax return. D. The company’s bills are the owner’s bills. 3. The two types of merchandising businesses include: A. Wholesale and retail. B. Service and financial. C. Manufacturing and retail. D. Service and wholesale. 4. A corporation A. Is a special legal form for a business in which the business is a legal entity separate from the owners. B. Is a company with a single owner. C. May cause unlimited liability for its shareholders. D. Provides goods or services for the sole purpose of helping people. 5. The inputs of a firm include: A. Capital. C. Inventory and supplies.

B. Equipment. D. All of the above.

6. Capital is: A. Revenues earned by a business. C. Resources used to start and run a business. 7. A service company: A. Buys goods and services for resale. C. Does something for its customers. 8. A manufacturing business: A. Will lend money to customers. C. Provides services to its customers.

B. Expenses owed by business. C. Assets owned by a business.

B. Manufactures goods. D. Is a wholesale business.

B. Buys goods for resale. D. Makes the products it sells.

Task Team of FUNDAMENTAL ACCOUNTING School of Business, Sun Yat-sen University

9. Financial services companies: A. Deal in services related to money. B. Sell insurance to their customers. C. Lend money to consumers to pay for cars and houses. D. All of the above. 10. Revenues include: A. The amount earned from providing goods to customers. B. The amount received from borrowing. C. The amount earned from providing services to customers. D. Both A and C. 11. Resources are: A. Tangible things exchanged in a transaction. B. Intangible things exchanged in a transaction. C. Services exchanged in a transaction. D. All of the above. 12. Events include: A. The giving or getting of a resource. C. Making a sale.

B. Cash disbursements. D. All of the above.


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