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Business English Exercises
 

The Balance Sheet

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Home > Teaching Business English > Business English Lessons, Advanced Level # 68
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A balance sheet shows the financial resources that a company has at a point in time and where they came from.

Correct answer: (b) resources

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It is an instant photograph that displays the company's financial position at the end of a business month, quarter or year.

Correct answer: (b) position

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The organization of a balance sheet reflects this basic equation: assets equal debts plus equity.

Correct answer: (c) equation

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The chart of accounts is a listing of the accounts that are reflected in the financial statements.

Correct answer: (b) chart

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501 Business English Exercises — Printable, photocopiable.
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Assets are often listed in the order of their liquidity — which means how easy it would be to convert each asset into cash.

Correct answer: (b) liquidity

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Assets are divided into three categories: Current Assets, Fixed Assets, and Other Assets.

Correct answer: (d) Other

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Current assets will likely be turned into cash or converted into a(n) expense within a year.

Correct answer: (b) expense

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Fixed assets are saleable, but are not expected to be converted to cash in the normal course of business.

Correct answer: (d) normal

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Liabilities are debts or obligations stemming from goods or services received by the company.

Correct answer: (a) obligations

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If the assets of a company are greater than its liabilities, then the equity of the business is the positive difference between the two numbers.

Correct answer: (b) difference

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
You will be exposed to a wealth of authentic sample sentences that include a great variety of themes. This compact Business English Test Package is the only printable English test collection currently available on the Internet. It contains 501 Business English Exercises (10 questions per test plus answer keys).  Get your unique Business English Practice Exercises now!

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