What Are Fixed Assets? - Definition & Examples


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What are fixed assets?

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1. How do fixed assets vary between businesses?

2. What happens to fixed assets on the financial statements if no fixed assets are purchased or sold?

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About This Quiz & Worksheet

With this quiz/worksheet combination you will be tested on fixed assets, their variations, what happens in their absence and their effects on business.

Quiz & Worksheet Goals

This practice aims to assess your knowledge of:

  • What a fixed asset is
  • How they vary between businesses
  • The result if fixed assets aren't purchase or sold
  • Difference between fixed assets and inventory
  • Fixed assets' effects on business

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the way business works
  • Critical thinking - apply relevant concepts to examine information about business assets in a different light
  • Reading comprehension - ensure that you draw the most important information from the related lesson on fixed assets

Additional Learning

If you want to learn more about assets in business, check out the accompanying lesson titled What Are Fixed Assets? - Definition & Examples. It covers things like:

  • Intangible assets
  • Tangible assets
  • Fixed assets
  • Qualities and variance