1. Collect into groups of 2-3 students and create a team name related to Business

2. Each team will receive several small pieces of paper; write your name on each paper There will be 3 rounds of questions First round is 4 questions. Each question can be worth 1, 3, 5, or 7 pts You cannot use a point value more than once Write your answer & point value to each question on a paper and hand it in Second round is 4 questions Each question can be worth 2, 4, 6 or 8 pts You cannot use a point value more than once Write your answer & point value to each question on a paper and hand it in Third round is one question and you BET YOUR POINTS

3. You have to assign each of your answers a point value of 1, 3, 5 or 7 points

4. What is debited and credited when you use cash to purchase supplies?

5. Debit – Supplies Credit - Cash

6. What is the Accounting Equation?

7. Assets = Liabilities + Owner’s Equity

8. When purchasing on account, which account is affected?

9. Liabilities – Accounts Payable

10. Mark Cuban invested $10,000 of his own money in your business: Which is debited and credited?

11. Debit – Cash Credit – Owner’s Equity – Capital Account

12. You have to assign each of your answers a point value of 2, 4, 6 or 8

13. Name a transaction that negatively affects assets and owner’s equity

14. Paid cash for an expense Example: Debit Expense (Owner’s Equity) Credit Cash (Asset)

15. When you receive sales on account, which type of accounted is debited?

16. Accounts Receivable

17. What type of account is debited when a person takes cash out for personal use

18. Drawing (remember the word “withdrawal)

19. What two types of accounts are used in a Income Statement

20. Revenue (Sales) Expenses