FBLA Accounting Exam: Trivia Quiz!

Do you know about FBLA accounting? FBLA-PBL, or the Future Business Leaders of America-Phi Beta Lambda, is a national career and technical student organization based in Reston, Virginia, established in 1940. This non-profit group connects high school, middle school, and college students, as well as professionals, to aid students in transitioning into the business world. Take a moment to check if the figures align.

Edited by Me.bot Editorial Team Questions: 40 October 19, 2024

Character Test

1. When a business uses a petty cash fund, how is the fund accounted for when replenished?

Debited

Credited

Unchanged

Balanced

2. A debit to an account always indicates

An increase

A decrease

Neutral

Variable

3. When a business purchases equipment, which account is affected?

Asset credited

Asset debited

Liability credited

Expense debited

4. To calculate interest on a note, you need

Principal, rate, term

Principal, rate, frequency

Rate, term, type

Total, period, principal

5. Who is the payee on a check?

The recipient

The issuer

The bank

The processor

6. As of the latest tax reform, who must have a social security number?

Everyone

Over two years old

Taxpayers

Employers

7. A commission is typically calculated as

A percentage of sales

A fixed bonus

Hourly rate

Annual salary

8. Depreciation is the allocation of an asset's cost over

Its useful life

A fiscal year

Its physical life

Incremental periods

9. What happens when you debit the withdrawals account?

Decreases account

Increases account

Balances account

Does not affect account

10. Straight-line depreciation distributes cost

Equally over useful life

Unequally over periods

At year-end

Based on salvage value

11. The basic accounting equation is

Assets = Liabilities + Equity

A = L + OE

Assets + Liabilities = Equity

Assets + Equity = Liabilities

12. Year and month in a general journal are written

At top of page

For each entry

At page start

At page end

13. Long-term liabilities are debts due

Beyond next period

Sooner

Next fiscal year

Immediately

14. Trial balance discrepancy can result from

Misposted salary

Accurate entry

Balanced accounts

Overposted amount

15. Before disbursements of $12,200 and receipts of $15,526, Bernard's cash balance was

$4,674

$4,200

$3,326

$7,526

16. When a partner withdraws cash for personal use, which accounts are involved?

Debit withdrawals, credit cash

Debit salary, credit cash

Debit expenses, credit capital

Debit cash, credit equity

17. Using the direct-write method, bad debts are recorded by

Debiting bad debt, crediting receivables

Debiting expense, crediting cash

Posting to uncollectible

Ignoring debt

18. To adjust for depreciation, you

Debit depreciation, credit accumulation

Debit expenses, credit cash

Credit depreciation, debit cash

Credit accumulation, debit expense

19. Both employer and employee pay

FICA tax

State tax

Federal income

Local tax

20. Which account needs no closing entries?

Capital

Revenue

Expenses

Drawings

21. Ending inventory represents stock at the

End of period

Start of period

Midpoint

Any time

22. A sales return of $150 is recorded as

Debit returns, credit receivable

Credit discounts, debit cash

Debit sales, credit revenue

Debit receivables, credit returns

23. _____ stock is issued if only one class is available.

Common

Preferred

Dividend

Equity

24. Retained earnings of a corporation are shown on the

Balance sheet

Cash flow

Income statement

Trial balance

25. A balance sheet shows

Assets, liabilities, equity

Cash flow

Income

Expenses

26. Adjusting prepaid insurance on Dec 31 after a $1,800 policy bought Sep 1

$600; insurance expense, prepaid

$1,200; prepaid, insurance expense

$1,800; expense, prepaid

$600; prepaid, expense

27. To compute cost of goods sold, you

Begin inventory, add purchases, subtract ending

Add expenses, estimate cost

Use total sales value

Compute gross profit

28. In a sole proprietorship, the owner's equity is similar to

Capital stock

Partnership equity

Retained earnings

Dividend account

29. A sales allowance impacts

Sales allowance account

Capital

Purchase return

Discount

30. Accounting information in order is recorded in

Journal

General Ledger

Trial balance

Chart

31. Net income or loss is reported on the

Income statement

Cash flow

Balance sheet

Trial balance

32. Double-entry accounting ensures

Equal debits and credits

Uneqal debits

Above-average entries

Error-free records

33. A balance sheet reflects position

On a specific date.

Over a period

For fiscal year

At quarter end

34. Which is a long-term liability?

Bond payable

Wages

Current taxes

Immediate liability

35. Given net sales of $557,225 and cost of $404,000, gross profit is

$153,225

$227,897

$381,122

$267,135

36. If June earns $8.50/hr, with OT at 42.5 hrs/week, her gross earnings are

$371.88

$375.00

$357.00

$372.00

37. Beginning inventory constitutes

Stock at fiscal start

Stock at fiscal end

Period purchases

Period sales

38. Difference between net sales and cost of merchandise is

Gross profit

Net income

Total revenue

Net loss

39. Asset accounts are extended to

Balance sheet

Trial balance

Income statement

Owner's equity

40. Interest for a 90-day, $7,500 note at 8.5% is

$157.19

$174.66

$637.50

$1,746.58

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Loved by Future Business Leaders

The FBLA Accounting Exam Trivia Quiz was a fantastic way to test my knowledge and prepare for the real world. I loved the combination of fun trivia with practical accounting concepts.

Alex Johnson

High School Senior

As an aspiring accountant, this quiz was exactly what I needed. It aligns well with what I've been learning in my FBLA classes and helped reinforce those concepts.

Samantha Lee

Accounting Student

Taking the FBLA Accounting Exam Trivia Quiz was a great experience. It not only tested my knowledge but also enhanced my understanding of accounting in a business context.

Michael Thompson

FBLA Member

Frequently Asked Questions

What is the focus of the FBLA Accounting Exam: Trivia Quiz?

The FBLA Accounting Exam: Trivia Quiz aims to test and enhance your knowledge of accounting as part of the FBLA-PBL organization, which is dedicated to preparing students for business leadership roles.

Who can benefit from taking the FBLA Accounting Exam: Trivia Quiz?

High school, middle school, and college students who are part of the FBLA-PBL organization, along with professionals, can benefit from the FBLA Accounting Exam: Trivia Quiz, as it helps them bridge the gap to the corporate world.

What is the historical significance of FBLA-PBL in relation to the FBLA Accounting Exam: Trivia Quiz?

The FBLA-PBL, founded in 1940, has a long-standing tradition of fostering business acumen among students, which is reflected in tools like the FBLA Accounting Exam: Trivia Quiz designed to encourage accounting proficiency.

Why is FBLA-PBL headquartered in Reston, Virginia important for the FBLA Accounting Exam: Trivia Quiz?

Being headquartered in Reston, Virginia, FBLA-PBL serves as a central hub for the development and dissemination of programs like the FBLA Accounting Exam: Trivia Quiz, contributing to nationwide student engagement in accounting and leadership.

How does the FBLA Accounting Exam: Trivia Quiz assist students with career readiness?

By challenging students with the FBLA Accounting Exam: Trivia Quiz, FBLA-PBL helps them fine-tune essential skills in accounting necessary for succeeding in future business leadership positions.

RELATED QUIZZES

2025-01-09

FBLA Accounting Exam: Trivia Quiz!

Character Test

1. When a business uses a petty cash fund, how is the fund accounted for when replenished?

2. A debit to an account always indicates

3. When a business purchases equipment, which account is affected?

4. To calculate interest on a note, you need

5. Who is the payee on a check?

6. As of the latest tax reform, who must have a social security number?

7. A commission is typically calculated as

8. Depreciation is the allocation of an asset's cost over

9. What happens when you debit the withdrawals account?

10. Straight-line depreciation distributes cost

11. The basic accounting equation is

12. Year and month in a general journal are written

13. Long-term liabilities are debts due

14. Trial balance discrepancy can result from

15. Before disbursements of $12,200 and receipts of $15,526, Bernard's cash balance was

16. When a partner withdraws cash for personal use, which accounts are involved?

17. Using the direct-write method, bad debts are recorded by

18. To adjust for depreciation, you

19. Both employer and employee pay

20. Which account needs no closing entries?

21. Ending inventory represents stock at the

22. A sales return of $150 is recorded as

23. _____ stock is issued if only one class is available.

24. Retained earnings of a corporation are shown on the

25. A balance sheet shows

26. Adjusting prepaid insurance on Dec 31 after a $1,800 policy bought Sep 1

27. To compute cost of goods sold, you

28. In a sole proprietorship, the owner's equity is similar to

29. A sales allowance impacts

30. Accounting information in order is recorded in

31. Net income or loss is reported on the

32. Double-entry accounting ensures

33. A balance sheet reflects position

34. Which is a long-term liability?

35. Given net sales of $557,225 and cost of $404,000, gross profit is

36. If June earns $8.50/hr, with OT at 42.5 hrs/week, her gross earnings are

37. Beginning inventory constitutes

38. Difference between net sales and cost of merchandise is

39. Asset accounts are extended to

40. Interest for a 90-day, $7,500 note at 8.5% is

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