Quiz  /  Balance Sheet Class 10 MCQ Questions With Answers

  • 1. 
    Positive Net Worth is defined as:

  • assets are less that liabilities
  • liabilities are greater than assets
  • assets are equal to liabilities
  • assets are greater than liabilities

  • 2. 
    Which of these is a liability?

  • Cash in bank
  • Money owed to other business (creditors)
  • Stock
  • Machinery

  • 3. 
    Property owned by an individual

  • Liability
  • Asset
  • Property
  • Net Worth

  • 4. 
    Examples of Liabilities include which of the following:

  • Loans, credit cards, and real property
  • Loans, mortgage, and credit cards
  • Loans, Art collection, and savings account
  • Mortgage, credit card, and real property

  • 5. 
    Examine the picture and select the value for Total Assets

  • 300,000
  • 800,000
  • 2,000,000
  • 2,500,000

  • 6. 
    Which of the following is considered an asset?

  • Bank Loan
  • Mortgage
  • Debit Card
  • Savings account

  • 7. 
    The Accounting Equation is: Assets = Capital - Liabilities

  • True
  • False

  • 8. 
    Debts and financial obligations (responsibilities).

  • Liabilities
  • Assets
  • Negative Net Worth
  • Property

  • 9. 
    The value of all assets minus the value of all liabilities.

  • Financial obligations
  • Assets
  • Net Worth
  • Property

  • 10. 
    The table below shows Claude's assets and liabilities. What is the total value of his assets?

  • $24,950
  • $25,420
  • -$24,950
  • $50,370

  • 11. 
    Which of these does not appear on a balance sheet?

  • A loan to the bank
  • Machinery you own
  • Any cash in your bank
  • The breakeven point

  • 12. 
    Select which two items we use when we are calculating the Net Assets/ Working Capital

  • Total Assets
  • Total Liabilities
  • Capital
  • Both A & B

  • 13. 
    Non current liability are financial obligations that are due for settlement within 1 year. True or False

  • True
  • False

  • 14. 
    Examine the picture and select the value for Net Assets

  • 300,000
  • 800,000
  • 2,000,000
  • 2,500,000

  • 15. 
    Negative Net Worth is defined as:

  • Assets and liabilities are the same amount
  • Assets are less that liabilities
  • Liabilities are less that assets
  • Assets are greater than liabilities

  • 16. 
    Calculate the total assets?Current Assets - $100.00Fixed Assets - $200Current Liabilities -$300Capital - $100

  • 300
  • 400
  • 500
  • 200

  • 17. 
    How do we calculate Total Assets?

  • Fixed Assets - Current Liabilities
  • Current Assets / Current Liabilities
  • Fixed Assets + Current Assets
  • Fixed Assets - Current Assets

  • 18. 
    Dose expense in the liability/Assets account?

  • Assets
  • Liability

  • 19. 
    Which one is not belongs to liability?

  • Mobile Phone Bill
  • Bank Loan
  • Bank Balance
  • Owed To Friends

  • 20. 
    What is balance sheet?

  • A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.
  • A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

  • 21. 
    Fixed assets can be converted to cash really quickly

  • True
  • False

  • 22. 
    Which of these is an asset?

  • A loan to buy a van
  • A satisfied customer
  • Any stock (Inventory) that you have
  • Reduced rent

  • 23. 
    Which of these might appear on a balance sheet?

  • Cost of sales
  • Cash flow forecast
  • Staff salaries
  • Creditors

  • 24. 
    Which of the following is considered a liability?

  • Savings Account
  • Mortgage
  • Savings bond
  • Coin Collection
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