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18 questions
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- Multiple ChoicePlease save your changes before editing any questions.
What source of finance would you apply for if you wanted to buy a house?
Hire Purchase
Grant
Mortgage
Bank Loan
- Multiple ChoicePlease save your changes before editing any questions.
What does the term Sales Revenue mean?
When the business receipts exceed its payments
All the money the business makes from its sales
When the business payments exceed its receipts
The extra money paid back to the bank on top of the amount borrowed
- Multiple ChoicePlease save your changes before editing any questions.
What is meant by an expense?
Day to day running costs of a business
Things a business owns that they will have for a long time
Money left at the end of the month
Things the business will buy to then sell in their business
- Multiple ChoicePlease save your changes before editing any questions.
Which of these is not a business expense?
Advertising
Wages
Bank
Insurance
- Multiple ChoicePlease save your changes before editing any questions.
What do you call the extra money that you pay on top of a loan?
Surplus
Deficit
Deposit
Interest
- Multiple ChoicePlease save your changes before editing any questions.
What is the name of the software application used mostly in Finance
Microsoft Word
Microsoft Powerpoint
Microsoft Excel
Microsoft Publisher
- Multiple ChoicePlease save your changes before editing any questions.
What type of formula would you use to add up a long column of figures
Addition
Sum
Subtraction
Division
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not a responsibility of the Finance Department?
Hiring Staff
Paying Bills
Calculating Wages
Completing Cash Budgets
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following sources of finance doesn't need to be repaid?
Bank Loan
Bank Overdraft
Loan from family and friends
Grant
- Multiple ChoicePlease save your changes before editing any questions.
If a business has a positive figure in the closing balance in a cash budget this is called???
Saving
Profit
Surplus
Deficit
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following would help a business if they had a deficit on their cash budget
Increase wages
Obtain a bank loan
Reduce sales
Find a more expensive supplier
- Multiple ChoicePlease save your changes before editing any questions.
Where staff get paid a certain amount for the year and this is then split into 12 monthly payments. What is being described here?
Piece Rate
Overtime
Bonus
Salary
- Multiple ChoicePlease save your changes before editing any questions.
If a member of staff earns £8 for a basic hour, what will they receive for an hour if overtime is paid at time and a half
£16
£14
£12
£4
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not a deduction from wages?
Overtime
Pension
Income Tax
National Insurance
- Multiple ChoicePlease save your changes before editing any questions.
What is not paid for out of national insurance contributions?
Maternity Benefit
Carers Allowance
Old Age Pension
Education
- Multiple ChoicePlease save your changes before editing any questions.
If it costs £2000 to complete a job and the customer is quoted a price of £2500, how much profit is the business making?
500%
50%
25%
80%
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not an advantage of using a spreadsheet?
Less errors are likely to be made as calculations are done for you
Graphs can be produced very quickly
Slides can be produced for a presentation
You can replicate formulae across rows or down columns
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following wouldn't be produced on a spreadsheet?
Cash Budget
Marketing Report
Job Costing Statement
Wage Slip