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VET Small Business - Finance
What does ATO stand for?
GST Collected minus GST Paid will calculate...
VET Small Business - Finance
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VET Small Business
Flashcards
20 cards
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Questions
20
Answers
1
GST Collected minus GST Paid will calculate...
What you owe your suppliers
What your suppliers owe you
What you owe the ATO
Total GST numbers
2
What does ATO stand for?
Australian Taxation Office
Australian Taxing Online
Australian Tax Online
Australian Taxation Officer
3
What does PAYG stand for?
Pay as your given
Pay as your go
Pay as you go
Pay as you given
4
You pay $110 inc GST, for a new pair of shoes. How much is the cost of the shoe?
$10
$110
$100
$121
5
At what amount is it compulsory to register for GST for a sole trader?
$60,000
$70,000
$75,000
$65,000
6
Financial management can be useful for...
managing day to day transactions
all of the above
planning
budgeting
7
A written acknowledgment that a specified article or sum of money has been received.
Purchase Order
Invoice
Receipt
Cheque
8
How much is GST for an item?
10%
50%
15%
20%
9
You collected $10,000 in GST but only paid $4,000 in GST. What happens?
ATO owes You $6000
You owe ATO $14000
You owe ATO $6000
ATO owed you $14000
10
A record of purchase that allows your customer to pay for goods or services you provided them
Receipt
Purchase Order
Invoice
Cheque
11
Which of the following is NOT a main component of a cheque?
Date
Used by date
Signature
Amount
12
If the price of a tennis racquet is $50 excluding GST, how much is the GST?
50c
$5.45
$4.54
$5
13
You pay $110 inc GST, for a new pair of shoes. How much is the cost of the GST?
$11
$110
$10
$11.11
14
A written sales contract between buyer and seller detailing the exact details to be rendered is
Cheque
Purchase Order
Invoice
Receipt
15
What does GST stand for?
Good Sales Tax
Goods and Services Tax
Good Service Tax
Gross Sales Tax
16
When GST is included in the price, what do you divide it by to calculate the GST?
7
11
10
5
17
What does BAS stand for?
Business activity statement
Business action statement
Business activities statement
Business actions statement
18
You collected $30,000 in GST but paid $40,000 in GST. What happens with the ATO?
ATO Owe you $40,000
You Owe ATO $10,000
You Owe ATO $40,000
ATO Owe you $10,000
19
When GST is excluded in the price, what do you divide it by to calculate the GST?
5
7
11
10
20
Instruction in writing from an account holder to their bank to pay a specified sum of money
Invoice
Purchase Order
Receipt
Cheque
