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- 1. Multiple Choice
The Income Statement lists a businesses:
Assets and Expenses
Owner's Equity and Revenue
Revenue, cost of goods and Expenses
Expenses and Net Assets
- 2. Multiple Choice
Which of the following is not a type of revenue?
Sales
Commission
Service Fee
Rent paid
- 3. Multiple Choice
A Net Profit occurs if:
Gross Profit is greater than expenses
Incorrect Commission
Expenses greater than Gross Profit
Incorrect Service Fee
None of the listed choices
- 4. Multiple Choice
An expense is…
money a business spends on the general operation of business
money the business owes to other organisations and people
money Owed to the Business
None of the above
- 5. Multiple Choice
Which of these does a balance sheet show
How much gross profit a business made
Its total revenue
What a business owns and owes
How much it paid in rent
- 6. Multiple Choice
What period of time does a balance sheet cover?
One quarter
One moment in time
One year
One tax year
- 7. Multiple Choice
Which of these is a liability?
Cash in bank
Money owed to other business (creditors)
Stock
Machinery
- 8. Multiple Choice
Gross Profit Refers to
money remaining after all expenses are paid
money remaining after taxes have been paid
Sales less cost of goods sold
None of the above
- 9. Multiple Choice
How can a business improve the Net Profit Margin?
Finding a more expensive supplier with better quality
Reducing the wage bill
Raising electricity usage
None of the above
- 10. Multiple Choice
What is a current asset?
Something a firm owes that must be paid in > 1 year.
Something a firm owns that can turn into cash in > 1 year.
Something a firm owns that you can turn into cash <1 year.
None of the above
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