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- 1. Fill-in-the-Blank1 minute1 pt
______________ are the financial records of a firm’s transactions.
- 2. Fill-in-the-Blank1 minute1 pt
___________ are the professionally qualified people who have responsibility for keeping accurate accounts and for producing the final accounts.
- 3. Fill-in-the-Blank1 minute1 pt
____________ are produced at the end of the financial year and give details of the profit or loss made over the year and the worth of the business.
- 4. Fill-in-the-Blank1 minute1 pt
_____________ is a financial statement that records the income of a business and all costs incurred to earn that income over a period of time (for example, one year). It is also known as a profit and loss account.
- 5. Fill-in-the-Blank1 minute1 pt
_____________ is the income to a business during a period of time from the sale of goods or services.
- 6. Fill-in-the-Blank1 minute1 pt
______________ is the cost of producing or buying in the goods actually sold by the business during a time period.
- 7. Fill-in-the-Blank1 minute1 pt
____________ is made when revenue is greater than the cost of sales
- 8. Fill-in-the-Blank1 minute1 pt
______________ shows how the gross profit of a business is calculated.
- 9. Fill-in-the-Blank1 minute1 pt
____________ is the profit made by a business after all costs have been deducted from revenue. (It is calculated by subtracting overhead costs from gross profits)
- 10. Fill-in-the-Blank1 minute1 pt
______________ is the fall in the value of a fixed asset over time.
- 11. Fill-in-the-Blank1 minute1 pt
____________ is the net profit reinvested back into a company, after deducting tax and payments to owners, such as dividends.
