Accounting Self-Assessment Quiz

Name:_________________________ Period:____ Date:_________ Glencoe Accounting (First-Year Course) Chapter 3, Section 3

1.	Income earned from the sale of goods or services is called
		a liability
		an expense
		revenue
		a revival

2.	Each of the following is an expense except a payment for
		advertising
		monthly rent
		utility bills
		equipment

3.	The price paid for goods or services used to operate a business is called
		overhead
		an asset
		revenue
		an expense

4.	The affect of Revenue on Owner`s Equity is to
		increase it
		decrease it
		have no effect
		give it a rosy glow

5.	When an owner takes cash or other assets from the business for personal use it is called
		cash allowance
		a withdrawal
		owner`s claim
		capital reduction