Three R's Review Questions | Baamboozle - Baamboozle

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What is capital defined as and give one example

Capital are resources invested into the business and could be in the form of cash or equipment etc.

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What is the name of the other type of final statement other than the income statement?

Balance Sheet/ Statement of Financial Position

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Machinery bought for the business is classed as a current asset True or False?

False

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boom

Lose 50 points!

Oops!

seesaw

Swap points!

Okay!

fairy

Take points!

thief

Give points!

Give two examples of an Asset

Vehicle, Stock, Bank Cash etc.

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baam

Lose 20 points!

Oops!

fairy

Take points!

fairy

Take points!

banana

Go to last place!

Oops!

seesaw

Swap points!

Oops!

magnet

Take 5 points!

Okay!

gift

Win 5 points!

Okay!

banana

Go to last place!

Oops!

Assets are the resources that the business owes. Is this statement right or wrong?

Wrong

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Give two examples of a liability

creditors, loans, mortgages, any form of payable

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What does a balance sheet show?

Balance sheets are used to show the financial position of the business at the end of the year, showing all what the business owns vs what is owes

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What are the two classifications of Assets?

Current and Non-Current

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An example of a non current liability is a mortgage payment yes or no?

Yes

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A customer who owes us money is classed as a liability True or False

False

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An example of a current Asset is a motor car yes or no?

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The two classes of liabilities are Current and Non- Current True or False?

True

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Which of the following does not belong (Payments overdue, Mortgages, Loan Payments, Stock)

Stock (All others are examples of liabilities)

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