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Role Of Finance
Test Description: How much do you know about the role of finance in a small business.
Instructions: Answer all questions to get your test result.
1) Identify the document prepared to calculate the amount of cash available at the end of each month.
A
Statement
B
Trading Account
C
Profit and Loss Account
D
Cash Budget
2) Identify the term used to describe the cash available at the end of each month.
A
Opening balance
B
Profit
C
Closing Balance
D
Cash left over
3) Identify how sales would be recorded in a cash budget.
A
Profit or Loss
B
Payment or Expenditure
C
Cash or Bank
D
Receipt or Income
4) This facility allows a business to spend more in a month than may actually be in the business bank account. This is known as a
A
Bank business
B
Bank loan
C
Bank overdraft
D
Bank interest
5) If a company forecasts low cash funds over a certain number of months a loan could be a possible solution. Identify which of the following is true.
A
No money needs to be repaid
B
Must be repaid within a specified time with interest
C
Must be repaid within a month
D
Must be repaid with a year if the business succeeds.
6) This source of finance may be issued by the Princes Trust and does not require to be repaid. This is an example of a
A
bank overdraft
B
bank loan
C
personal savings
D
grant
7) One of the main reasons for a business is to
A
make a profit
B
have a job without working
C
get up whenever you like
D
leave school
8) The term used to describe the money made on buying and selling stock is known as
A
Gross Profit
B
Opening balance
C
Net Profit
D
Trading account
9) Net profit would increase if
A
selling price increases
B
petrol increases
C
Purchases increase
D
Wages increase
10) Identify the term used to describe the money left over after all business expenses have been taken into account after profit on trading stock has been calculated.
A
Interest
B
Gross Profit
C
Profit
D
Net Profit
*select an answer for all questions
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