Financial Documents: Definition, Types & Business Examples

Instructions:

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

question 1 of 3

What's the best explanation of financial documents?

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1. What are the major components of a balance sheet?

2. What's another name used for financial documents?

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About This Quiz & Worksheet

All good businesses successfully manage their revenue, expenses, liabilities, and assets. To do so, they must utilize a number of financial statements to assess their situation. Each financial statement provides insight into the complex nature of their business. To successfully complete this quiz, you will need to understand business finance and basic accounting.

Quiz & Worksheet Goals

To gauge your understanding of financial statements, you'll be tested on the following:

  • The purpose of financial statements and documents
  • The different financial statements
  • What each of these different statements measures

Skills Practiced

  • Information recall - access the knowledge you've gained regarding financial statements
  • Distinguishing differences - compare and contrast the different types of financial statements
  • Defining key concepts - ensure that you can accurately define main terms, such as net profit and net income

Additional Learning

To learn more about this topic, review the accompanying lesson titled Financial Documents: Definitions, Types & Business Examples. This lesson covers the following:

  • The different kinds of financial statements
  • Demonstrations of the various financial statements with hypothetical businesses
  • What each document measures and how the information is vital to the business
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