Quiz Game: Understanding Financial Statements

Challenge yourself with this engaging 15-question quiz on financial statements! Whether you’re new to accounting or just want to brush up on the basics, this quiz covers essential topics like the income statement, balance sheet, and cash flow statement.

Perfect for beginners, this quiz will help you understand how these financial statements work together to provide a complete picture of a company’s financial health. Take the quiz now and see how well you know your financial statements!

How to Play

  • You will have 10 minutes to answer 15 multiple-choice questions related to financial statements.
  • Each question has four options; select the one you believe is correct.
  • You can navigate between questions using the “Previous” and “Next” buttons.
  • After answering all the questions, click the “See Results” button to see your answers.
  • Your score will be calculated based on the number of correct answers. To pass, you need to score at least 50%.

Rules

  1. You have 10 minutes to complete the quiz.
  2. Each correct answer awards you 2 points, making the total possible score 30.
  3. A passing score requires at least 15 correct answers (50%).
  4. You can move back and forth between questions before submitting.
  5. Once you click “Answer,” you cannot change your answers.
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Understanding Financial Statements Quiz

"Understanding Financial Statements" Quiz

Welcome to the "Understanding Financial Statements" quiz! Let's see how well you know the key components of financial statements. Good luck!

1 / 15

1. If a company's total assets are $500,000 and total liabilities are $300,000, its equity is ________.

2 / 15

2. On the income statement, revenue minus the cost of goods sold equals ________.

3 / 15

3. The ________ statement reports the cash generated and used during a specific time period.

4 / 15

4. The balance sheet includes three main components: assets, liabilities, and ________.

5 / 15

5. The ________ shows a company's revenues and expenses over a specific period.

6 / 15

6. The income statement is also known as the profit and loss statement.

7 / 15

7. The balance sheet reflects the company's financial performance over a period of time.

8 / 15

8. Retained earnings are part of the balance sheet under shareholders’ equity.

9 / 15

9. The income statement shows a company's assets and liabilities.

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10. The cash flow statement includes cash flows from investing activities.

11 / 15

11. Where would you find a company’s total liabilities?

12 / 15

12. Which section of the income statement shows the cost of goods sold?

13 / 15

13. Which of the following is a key component of the cash flow statement?

14 / 15

14. What does the balance sheet primarily show?

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15. Which financial statement shows a company's profitability over a specific period?

Your score is

The average score is 60%

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