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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
Profit and Loss Account
B
Trading Account
C
Cash Budget
D
Statement
2) Identify the term used to describe the cash available at the end of each month.
A
Profit
B
Cash left over
C
Closing Balance
D
Opening balance
3) Identify how sales would be recorded in a cash budget.
A
Receipt or Income
B
Payment or Expenditure
C
Cash or Bank
D
Profit or Loss
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
Must be repaid with a year if the business succeeds.
B
Must be repaid within a specified time with interest
C
No money needs to be repaid
D
Must be repaid within a month
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 loan
B
grant
C
personal savings
D
bank overdraft
7) One of the main reasons for a business is to
A
have a job without working
B
make a profit
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
Trading account
B
Net Profit
C
Opening balance
D
Gross Profit
9) Net profit would increase if
A
Purchases increase
B
petrol increases
C
Wages increase
D
selling price increases
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
Net Profit
C
Profit
D
Gross Profit
*select an answer for all questions
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