General Knowledge:

1. What country has won the most World Cups?

Answer: Brazil

1. What company was initially known as “blue ribbon sport”?

Answer: Nike

2. What country drinks the most coffee per capita?

Answer: Finland

3. What city is known as “The eternal city?”

Answer: Rome

4. What country has the highest life expectancy?

Answer: Hongkong

Basic Accounting:

1. What are the five BASIC ACCOUNTS?

Answer: Assets, Liabilities, Equity, Revenue, and Expenses.
2. Recording a transaction in ledger called as
Answer: Journalizing

3. A balance sheet can be prepared for any date or period of time?

Answer: True

4. WHAT’S THE WORD THAT LINKS THESE FOUR TOGETHER?

Answer: Equity

5. Under the accrual basis of accounting, revenues are reported in the accounting period
when which of the following occurs?
Answer: Services or Goods Have Been Delivered

a. Revenues - Expenses = Net Income

b. When cash is received, the account Cash will be Debited.
c. Obligations are reported on the balance sheet and are referred to as Liabilities.
Economic Development:

1. It's the word that's closely associated with the word limited or economic as opposed to
the word unlimited or free.

Answer: Scarce

2. The _________ industry is the sector of the economy that produces livestock, poultry,
fish and crops. 

Answer: Agriculture

3. Gross Marketing Product (GMP) is the total monetary or market value of all the finished
goods and services produced within a country's borders in a specific time period.

Answer: False

4. It refers to resources being finite and limited. 

Answer: Scarcity

5. It's the available inputs with which an economy can produce outputs.

Answer: Resources