Quiz: How To Read Financial Statements In 9 Minutes!!

Test your understanding of the specific concepts, facts, and details covered in this video about reading financial statements, including balance sheets, income statements, and cash flow statements.

Business mixed 6 Questions Video Quiz

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Q1 Beginner 1 pts

According to Warren Buffett's quote in the video, what percentage of business people cannot read financial statements? Video Reference:
"95% of business people can't read financial statements that's like being a professional musician but..."

Timestamp: 0:15

95% 85% 75% 65%

Q2 Intermediate 2 pts

What are the three major financial statements mentioned in the video? Video Reference:
"there are three major financial statements they are called the balance sheet income statement and ca..."

Timestamp: 0:45

Select all correct answers

Balance Sheet Income Statement Cash Flow Statement Equity Statement

Q3 Intermediate 2 pts

According to the video, what is the master accounting equation for the balance sheet? Video Reference:
"the balance sheet is ruled by the master accounting equation which states that assets must always pr..."

Timestamp: 2:00

Assets = Liabilities + Shareholders Equity Assets = Revenue - Expenses Equity = Assets - Liabilities Revenue = Assets + Liabilities

Q4 Beginner 1 pts

In the example used in the video, what was the name of the fictional company used to demonstrate financial statements? Video Reference:
"in this video I'm going to show you some fake financial statements of a business that I created call..."

Timestamp: 1:30

Best Coffee Company Great Coffee Inc Coffee Masters LLC Premium Coffee Co

Q5 Intermediate 2 pts

The video explains that current assets are those that the company expects to use or utilize within what timeframe? Video Reference:
"current assets which are all assets that the company expects to use or utilize in less than one year..."

Timestamp: 2:30

Less than one year More than one year Less than six months More than two years

Q6 Advanced 3 pts

According to the video, what are the four major subcategories of expenses on the income statement? Video Reference:
"expenses are broken down into four major subcategories the first is called cost of goods sold... ope..."

Timestamp: 5:00

Select all correct answers

Cost of goods sold Operating expenses Nonoperating expenses Income taxes

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Quiz: How To Read Financial Statements In 9 Minutes!!

According to Warren Buffett's quote in the video, what percentage of business people cannot read financial statements? Video Reference: "95% of business people can't read financial statements that's like being a professional musician but..." Timestamp: 0:15

What are the three major financial statements mentioned in the video? Video Reference: "there are three major financial statements they are called the balance sheet income statement and ca..." Timestamp: 0:45

According to the video, what is the master accounting equation for the balance sheet? Video Reference: "the balance sheet is ruled by the master accounting equation which states that assets must always pr..." Timestamp: 2:00

In the example used in the video, what was the name of the fictional company used to demonstrate financial statements? Video Reference: "in this video I'm going to show you some fake financial statements of a business that I created call..." Timestamp: 1:30

The video explains that current assets are those that the company expects to use or utilize within what timeframe? Video Reference: "current assets which are all assets that the company expects to use or utilize in less than one year..." Timestamp: 2:30

According to the video, what are the four major subcategories of expenses on the income statement? Video Reference: "expenses are broken down into four major subcategories the first is called cost of goods sold... ope..." Timestamp: 5:00