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You should always keep ____ (=proof of payment) of every payment to your business and every expenditure by your business. a. records b. receipts c. recipes
receipts
An expenditure is basically a____ a. bill b. payment c. tax form
payment
What do you do with forms? a. You fill them up b. You fill them out c. You fulfil them
Fill them out
What's the opposite of an asset? a. cash b. A liability c. a liaison
liability
Things of value owned by a business are known as its ___. a. assertions b. assessments c. assets
assets
Thanks to your hard work, we've seen some positive changes in sales ___ (=we have started selling more). a. level b. approach c. volume
volume
We really need to start keeping our business ___ organised. a. transactions b. transitions c. translations
transactions
Our company's ____ year begins on May 1st a. frisky b. fiscal c. money-making
fiscal
The term ' equity' refers to the owners' ___ of the business. a. partition b. share c. sharing
share
A general ___ in business says that 20% of the product line produces 80% of the sales. a. rule of thumb b. famous rule c. rule of thumbs
rule of thumb
An accountant who reviews the accounting procedures of a company is called ___. a. an auditor b. an audience c. a lawyer
an auditor
A statement of ___ helps you keep track of your business's finances a. cash flow b. cash flowing c. money flow
cash flow
An element of ___ is always present in all business activities. a. risky b. risk c. risque
risk
There are two types of profit: gross profit and ___. a. net profit b. non-gross profit c. netto profit
net profit
Customers usually come here looking for ___ advice. a. financial b. finances c. finance
financial
This plan is not really ___(=executable, possible). a. fast b. worthy c. feasible
feasible
Microsoft ___ nearly 60% of its total United States revenues from software sales. a. drives b. derives c. derides
derives
I would welcome an opportunity to analyse your company's ___ (=financial records) in detail. a. books b. bookkeeping c booked
books
My accountant advised me that this approach would be much more ___ (=profitable). a. rich b. lucid c. lucrative
lucrative
Tax ____help wealthy investors hide millions of dollars in taxable income. a. hideouts b. sheds c shelters
shelters
His last company owes millions in ____ taxes. a. unpaid b. paid c. not paid
unpaid
The partners of the accounting firm gathered in Tampa for their ___ meeting. a. annual b. annul c. annually
annual
A good accountant will hep you keep ____ of your business's finances. a. track b. trace c. score
track
I indicated all the accrued expenses on your balance ____. a. sheet b. paper c. note
sheet
Accounts ____ refers to the money that is owed to the company by its clients. a. receivable b. receptive c. respected
receivable
I ____ our profits for the previous accounting period. a. called b. gathered c. calculated
calculated
Another word for accounting is_______ a. finance b. bookkeeping c. moneycounting
bookkeeping
To accrue means to accumulate or ______. a. decrease b. regret c. increase
accrue
An accounting period is a period of time over which ___ are calculated. a. prophets b. profits c. profiteering
profits


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