SIFE hosts Business Bowl

by Melissa Wilson

SBJ Staff

High school students representing six area schools competed in the second annual "Biz Bowl" at 1 p.m. Feb. 12 on the Drury College campus. Each team of four was given a pre-test in November to qualify for the competition and received a study packet of materials ranging from economic principles to accounting fundamentals. They were also instructed to monitor newspapers, business magazines and select Internet sites in preparation for the competition.

"By learning material they wouldn't otherwise be exposed to, all the students are winners," said Katie Odenwald, project chairman.

Test your business IQ by answering the following questions asked of the high school students at the Business Bowl.

1. Name the two accrual accounts that match the following descriptions:

a) Open accounts owed to a business by a customer;

b) The account that represents a written promise to pay a business under specific conditions.

2. What is the approximate public debt as of Feb. 3, 1999?

a) $5.5 billion

b) $1 trillion

c) $5.5 trillion

d) $10 billion

3. What are the two types of unions that exist in the United States?

4. Which is not part of the four Ps of marketing?

a) Place

b) Price

c) People

d) Promotion

5. What is the term to describe no government intervention?

6. How are assets and liabilities recorded on a balance sheet?

Answers

1. Account receivable, note receivable

2. c

3. Craft unions and industrial unions

4. c

5. Laissez-faire

6. Historical cost