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Finance terms
Finance terms
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Year 11 Business Studies - Finance terms
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is a non-current asset?
An asset that doesn't use electricity
A loan for furniture or fixtures
An asset that can be turned into cash within 12 months
An asset that cannot be turned into cash within 12 months
2
In a cash flow statement the closing balance of one month is the opening balance of the next.
False
True
3
What are the four key business functions?
Operations, Finance, Marketing, Human Resources
Operations, Balance Sheets, Marketing, Human Resources
Transformation, Finance, Advertising, Human Resources
Finance, Marketing, Transformation, Human Resources
4
What is advertising an example of?
COGS
cash inflow
an asset
an expense
5
True/False: Owner's Equity is the money a business owes to the owners?
False
True
6
What is Net Profit?
Sales + income tax
Sales - COGS
Gross Profit - expenses
COGS - Expenses
7
In which statement does sales appear?
Balance Sheet
Income Statement
Cash flow Statement
Current Assets
8
The COGS formula is...
closing stock + purchases - opening stock
opening stock + purchases - closing stock
Opening stock - closing stock
purchases + closing stock - opening stock
9
Which statement do I look at to see how much a business is worth?
Goodwill statement
Cash Flow Statement
Income statement
Balance Sheet
10
On which financial statement would you see a mortgage?
Income statement
Balance Sheet
Revenue Statement
Cash flow statement
11
What is the Accounting Equation?
L=OE+A
OE=A+L
A = OE-L
A=L+OE
12
What is Gross Profit?
Sales - COGS
COGS - Gross Profit
Gross Profit - Purchases
Gross Profit - Expenses
13
what does COGS stand for?
Cost of Great Seals
Cost of Goods Sold
Cost of Gold sold
Cost of Green Slip
14
What is an example of a cash inflow?
paying rent
Cash sales
cash at the bank
accounts payable
15
Which statement tells someone the profit or loss for the year?
Balance Sheet
Cash Flow statement
Income Statement
Current Asset statement
