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Financial Literacy Jeopardy Game

Test your accounting knowledge with this Jeopardy-style game focusing on terms, concepts, and scenarios related to financial vocabulary and transactions. Challenge yourself to answer questions on debit/credit accounts, terms of sale, partnerships, and more!

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Financial Literacy Jeopardy Game

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Presentation Transcript

  1. Hosted by Ms. Appel

  2. Vocab - 1 Vocab - 2 True/False Debit/Credit Accounts 100 100 100 100 200 200 200 200 Final 300 300 300 300 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is Terms of Sale An agreement between a buyer and a seller about payment for merchandise

  4. Row 1, Col 2 What is Markup? The amount added to the cost of merchandise to establish the selling price.

  5. Row 1, Col 3 What is False? When a business requires the skills of more than one person and needs more capital than one owner can provide, it should be organized as a proprietorship.

  6. Row 1, Col 4 What is General Debit – Cash Credit? Daily Double Paid cash for Utilities Expense

  7. Row 2, Col 1 What is Cost of Merchandise? The price a business pays for goods it purchases to sell.

  8. Row 2, Col 2 What is Partnership? A business in which two or more persons combine their assets and skills.

  9. Row 2, Col 3 What is False? The main difference between a service business and a merchandising business is the journal used to record transactions.

  10. Row 2, Col 4 What is Debit Purchases – Credit Cash? Purchased merchandise For cash

  11. Row 3, Col 1 What is a Merchandising Business? A business that purchases and sells goods

  12. Row 3, Col 2 What is a Retail Merchandising Business? Daily Double A merchandising business that sells to those who use or consume the goods

  13. Row 3, Col 3 What is False? An expanded journal should include a special amount column for every kind of transaction the business might record.

  14. Row 3, Col 4 What is Debit Purchases – Credit Accounts Payable? Purchased merchandise On account

  15. Row 4, Col 1 What is a partner? Each member of a Partnership

  16. Row 4, Col 2 What is Merchandise? Goods that a merchandising Business purchases to sell

  17. Row 4, Col 3 What is False? Accounts related to the cost of merchandise are kept in the Revenue division in the general ledger chart of accounts

  18. Row 4, Col 4 What is General Debit – Cash Credit? Partner withdraws cash for Personal use

  19. Row 5, Col 1 What is a Purchase Invoice? An invoice used as a source document for recording a purchase on account transaction

  20. Row 5, Col 2 What is a Vendor? A business from which merchandise is purchased or supplies or other assets are bought

  21. Row 5, Col 3 What is False? The purchases account is increased by a credit and decreased by a debit

  22. Row 5, Col 4 What is General Debit – General Credit? Partner withdraws merchandise For personal use

  23. When merchandise is withdrawn by a partner, the: • Source document for the transaction is a check • Balance of the purchases account is increased • Transaction will increase the drawing account and decrease the purchases account Final Jeopardy

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