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Finance Revision from Year 11 Flashcards | StudBud
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Finance Revision from Year 11
Finance Revision from Year 11
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Year 11 Business Studies - Finance terms
Flashcards
18 cards
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Practice quiz
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Questions
18
Answers
1
In a cash flow statement the closing balance of one month is the opening balance of the next.
True
False
2
What does COGS stand for?
Cost of Gold Sold
Cost of Great Seals
Cost of Goods Sold
Cost of Green Slip
3
On which financial statement would you see a mortgage?
Income statement
Balance Sheet
Revenue Statement
Cash flow statement
4
Classification for Expenses: Administrative, Financial and?
Manufacturing
Advertising
Selling
Operating
5
What is a non-current asset?
An asset that cannot be turned into cash within 12 months
An asset that doesn't use electricity
An asset that can be turned into cash within 12 months
A loan for furniture or fixtures
6
Which statement is best to look at the overall position of the business at a point in time?
Cash flow
Balance sheet
Budget
Revenue statement
7
The COGS formula is...
Purchases + Closing Stock - Opening Stock
Opening Stock + Purchases - Closing Stock
Opening stock - closing stock
Closing Stock + Purchases - Opening Stock
8
What is advertising an example of?
An expense
Cash inflow
An asset
COGS
9
An example of Owner's Equity is?
Capital
Equipment
Overdraft
Assets
10
What is Gross Profit?
Sales - COGS
Gross Profit - Purchases
Gross Profit - Expenses
COGS - Gross Profit
11
Which statement tells someone the profit or loss for the year?
Cash Flow statement
Balance Sheet
Current Asset statement
Income or Revenue Statement
12
In which statement does sales appear as part of the formula?
Cash flow Statement
Income or Revenue Statement
Current Assets
Balance Sheet
13
What is an example of a cash inflow?
Paying rent
Accounts payable
Cash sales
Cash at the bank
14
What is the Accounting Equation?
A=L+OE
OE=A+L
L=OE+A
A = OE-L
15
An overdraft would be a?
Not- current liability
Current Liability
Non- current assets
Current assets
16
Equipment would be found where on the balance sheet?
Non- current asset
Current Liability
Current asset
Non- current liability
17
What is Net Profit?
Gross Profit - Expenses
Sales - COGS
COGS - Expenses
Sales + Income tax
18
Account Payables would be found where?
Current asset
Non- current asset
Current liability
Non- current liability
