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What Are Assets? - Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Items that have monetary value and are owned by a business are called ___________.

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1. Assets are reported on the ___________.

2. __________ are assets that can physically be touched.

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About This Quiz & Worksheet

This quiz/worksheet combo helps you check your knowledge of assets in accounting and their different categories. You will need to know what a balance sheet is and be able to identify different types of assets in order to pass the quiz.

Quiz & Worksheet Goals

Use this worksheet and quiz to review:

  • Balance sheets
  • Current assets
  • Intangible assets
  • Tangible assets

Skills Practiced

Use this worksheet and quiz to practice the following skills:

  • Information recall - access the knowledge you've gained about the conditions of a current asset
  • Defining key concepts - ensure that you can accurately define main phrases, such as tangible asset and intangible asset
  • Knowledge application - use your knowledge to answer questions about items with specific value that a business owns

Additional Learning

Find out more about this subject by watching the corresponding lesson called What Are Assets? - Definition & Examples. You'll be able to:

  • Compare and contrast noncurrent and current assets
  • Review asset examples
  • Define liquidity
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