Lesson Balance sheet Task Mark true and false sentences according to the text

Lesson 2. Balance sheet
Task 3. Mark true and false sentences according to the text.

1. 
   The Income Statement shows a company’s net worth at a particular point in time. (True)
   
2. 
   Assets are anything the business owns, including cash, accounts receivable, inventory, machinery, and property.(True)
   
3. 
   Liabilities are business assets, including buildings, equipment and inventory. (False)
   
4. 
   Current assets can be quickly converted into cash, like inventory. (True)
   
5. 
   Long-term assets are items that will be kept for a short period of time, such as stocks. (False)
   
6. 
   The Balance Sheet must not balance; that is Assets ≠ Liabilities + Equity. ( False)
   

Task 4. Find synonyms and antonyms.

Synonyms			Antonyms
1. income		a. possessions	6. balance		f. to pay
2. statement		b. presentation	7. net		g. dated
3. assets		c. report	8. to owe		h. instability
4. performance		d. to assess	9. debt		i. gross
5. to evaluate		e. revenue	10. current		j. credit

1. 
   e 2.c 3.a 4.d 5.b 6.h 7.i 8.f 9.j 10.g
   

Task 5. Match the word with the correct definitions.

1. assets		a. to need to pay or give something to someone because they have lent money to you
2. liability		b. a financial statement that shows a company's assets and debts at a particular time
3. equity		c. the amount of money that is owed by a person, company, country, etc. and that they usually have to pay interest on
4. balance sheet		d. the amount of goods and materials owned by a company at a particular time, including parts, products being made, and finished products
5. loan		e. something that is owned by a person, company, or organization, such as money, property, or land
6. debt		f. used to describe an amount of money that is left after tax and other costs have been paid
7. inventory		g. a document that shows a company's profit or loss in a particular period of time
8. income statement		h. money that someone borrows from a bank or other financial organization for a period of time during which they pay interest
9. net		i. the amount of money that a person or organization owes
10. to owe		j. the value of a company, divided into many equal parts owned by the shareholders, or one of the equal parts into which the value of a company is divided

1. 
   E
   
2. 
   C
   
3. 
   J
   
4. 
   B
   
5. 
   H
   
6. 
   A
   
7. 
   D
   
8. 
   G
   
9. 
   F
   

10. I

Receivable, cash, business, net, performance, financial, property, equity, payable, current
Task 6. Listen to the audio and fill in the gaps with suitable words from the box.

An Income Statement shows a company’s _______ over a period of time. 2. The Balance Sheet show a company’s _______ worth at a particular point in time. 3. Both are important when evaluating the company’s _______ position. 4. The balance sheet lists what the _______ owns (assets) and what it owes (liabilities). 5. Assets are anything the business owns, including cash, accounts________, inventory, machinery, and property. 6. There are two types of assets: ________ and long term. 7. Current assets can be quickly converted into _______, like inventory. 8. Long-term assets are items that will be kept for many years, such as _________. 9. Liabilities are business debts, including loans, accounts _________ , taxes and wages. 10. _______ is the amount of money that owners and investors have put into the business.

1. performance 2.net 3.financial 4.business 5.receivable 6.current 7.cash 8. property 9. payable 10.Equity


Task 7. Select and tick the correct answer.

1. What is an Income Statement? a. A pay slip b. The company’s value c. A list of Assets d. The company’s performance over a given period of time	5. Which of these is NOT an example of a Liability? a. Bank loan b. Accounts Payable c. Accounts Receivable d. Tax bills
2. What is a Balance Sheet? a. Assets and Equity b. The net worth of a company at a specific time c. Business debts d. The company’s performance over a given period of time	6. What defines a current Asset? a. An asset that can be quickly sold b. An asset that will be kept a long time c. Property and Machinery d. An asset that has been recently maintained
3. Which of these is NOT included on the Balance Sheet? a. Liabilities b. Assets c. Total sales d. Equity	7. Which answer does NOT mean to own? a. To have b. To be interesting c. To keep d. To possess
4. Which of these is NOT an example of an Asset? a. Accounts Payable b. Accounts Receivable c. Inventory d. Property	8. Which answer also means to owe? a. To be in debt b. To admire c. To play d. The law

1-D 2-B 3-C 4-A 5-C 6-A 7-B 8-A

Task 8. Read this extract from a podcast about working more effectively and underline the correct words in italics. Sometimes both answers are possible.
1. though
2. but
3. Although
4. However
5. However
6. Although
7. but
8. however
9. although
10. though