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- 1. Multiple Choice
Gross profit is sales minus
Expenses
Cost of sales
Opening stock
Carriage inwards
- 2. Multiple Choice
The stock you have at the start of the year is called
Closing stock
Out of date
Opening stock
Out of date stock
- 3. Multiple Choice
A car costing £10,000 depreciating by 15% per year will be worth how much at the end of the year
£9,000
£8,000
£8,500
£1,500
- 4. Multiple Choice
Which of the following is not a trading expense
Wages
Carriage inwards
Customs duty
Purchases
- 5. Multiple Choice
Carriage outwards is cost of getting raw materials delivered to your business
True
False
- 6. Multiple Choice
The following is not a Business expense
Depreciation
Wages
Purchase new company car
Light & Heat
- 7. Multiple Choice
Fixed assets should last less than 1 year
True
False
- 8. Multiple Choice
Which of the following is not a fixed asset
Premises
Land
Machinery
Closing Stock
- 9. Fill in the Blank
Closing stock, cash & debtors are examples of Current ___________
- 10. Multiple Choice
Working capital is
Current assets - current liabilities
Current assets + current liabilities
None of the above
- 11. Multiple Choice
A 5 year loan is an example of
Fixed assets
Current assets
Current liabilities
Financed by
- 12. Multiple Choice
They owe you money within a year
Bank
Creditors
Debtors
Customers
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