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Financial Literacy Quiz Flashcards | StudBud

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Which is a non-current liability?

What represents a liability?

Financial Literacy Quiz

19 terms·StudBud Administration·18 plays

Test your knowledge on financial concepts such as assets, liabilities, expenses, income, and more in this engaging quiz.

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Questions 19

Answers

1
What represents a liability?
Income
Investments
Cash
Loan obligations
2
Which is a non-current liability?
Credit card debt
Mortgage
Accounts payable
Utility bill
3
What is income?
Money saved
Money spent
Money earned
Money borrowed
4
Which is not an expense?
Rent paid
Salary paid
Investment purchase
Utility bill
5
What is the purpose of expenses?
To generate income
To increase assets
To reduce liabilities
To maintain operations
6
What do expenses reduce?
Revenue
Liabilities
Assets
Net income
7
What is an example of a liability?
Savings account
Cash flow
Mortgage
Investment
8
True or false: Expenses increase net income.
False
True
9
Which is a type of asset?
Accounts payable
Loan
Expense
Cash
10
What is a fixed asset?
Inventory
Cash
Accounts receivable
Equipment
11
Which is a current asset?
Inventory
Long-term investments
Land
Accounts payable
12
Which is an example of income?
Sales revenue
Loan payment
Rent expense
Utility bill
13
Which is an example of an expense?
Loan received
Rent payment
Savings account
Stock investment
14
What is the main purpose of income?
To reduce assets
To increase liabilities
To pay expenses
To create expenses
15
What is the formula for net income?
Expenses plus income
Assets minus liabilities
Liabilities minus assets
Income minus expenses
16
What is a liability?
A type of asset
A source of income
An obligation owed
A financial gain
17
What is an asset?
An expense
A resource owned
A revenue stream
A liability
18
Which is a revenue source?
Liabilities
Assets
Expenses
Sales
19
Which is not an asset?
Inventory
Accounts payable
Real estate
Cash