Purchases and Possessions Quiz

Challenge yourself with these questions on purchases, possessions, and financial transactions. How well do you know purchasing?

Practice Learn Test

What is the term for the act of buying goods or services?

Selling

Purchasing

Trading

Bartering

What is the term for the right to use someone else's property for a specific period in exchange for payment?

Lease

Loan

License

Mortgage

What is the term for the process of comparing actual financial results against the planned or expected results?

Budgeting

Forecasting

Variance Analysis

Financial Modeling

In the context of financial markets, what does the acronym ETF stand for?

Electronic Transfer Fund

Exchange-Traded Fund

Equity Trading Framework

Economic Trends Forecast

What is the term for the process of recording, summarizing, and analyzing financial transactions of a business?

Auditing

Taxation

Accounting

Bookkeeping

In accounting, what does the acronym FIFO stand for?

First In, Last Out

First Input, First Output

First In, First Out

Final Inventory, Financial Operations

Which of the following is an example of an intangible possession?

Car

House

Patent

Jewelry

In the context of e-commerce, what does the acronym B2B stand for?

Buy to Bargain

Business to Business

Browsing to Buying

Bid to Bid

Which financial document provides a snapshot of a company's financial condition at a specific point in time?

Income Statement

Balance Sheet

Cash Flow Statement

Profit and Loss Statement

#10

In retail, what does the acronym POS stand for?

Point of Sale

Product of Service

Place of Storage

Price of Supply

#11

What is the primary purpose of a purchase order?

To request payment

To confirm a sale

To track inventory

To authorize a purchase

#12

What is the term for the legal process of transferring ownership of a property or asset?

Acquisition

Transaction

Conveyance

Exchange

#13

What is the term for the process of estimating the value of a property for taxation or insurance purposes?

Appraisal

Assessment

Evaluation

Analysis

#14

Which of the following is an example of a fixed asset?

Office supplies

Accounts receivable

Land

Salaries payable

#15

Which inventory valuation method assumes that the oldest items are sold first?

LIFO (Last In, First Out)

Weighted Average Cost

Specific Identification

FIFO (First In, First Out)