Have an account?
Skip to Content
Build your own quiz
Business
9th -
12thgrade
Business IGCSE Definitions to Learn S5Ch24
11 questions
Show Answers
See Preview
- 1. Fill in the Blank
______________ are the financial records of a firm’s transactions.
- 2. Fill in the Blank
___________ are the professionally qualified people who have responsibility for keeping accurate accounts and for producing the final accounts.
- 3. Fill in the Blank
____________ 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 Blank
_____________ 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 Blank
_____________ is the income to a business during a period of time from the sale of goods or services.
- 6. Fill in the Blank
______________ is the cost of producing or buying in the goods actually sold by the business during a time period.
- 7. Fill in the Blank
____________ is made when revenue is greater than the cost of sales
- 8. Fill in the Blank
______________ shows how the gross profit of a business is calculated.
- 9. Fill in the Blank
____________ 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 Blank
______________ is the fall in the value of a fixed asset over time.
- 11. Fill in the Blank
____________ is the net profit reinvested back into a company, after deducting tax and payments to owners, such as dividends.
- Answer choicesTagsAnswer choicesTags