Year10ABMAcctgTest2Revision

Question 1

Which is faster, the speed of light or the speed of sound?

Accepted Answer

Light

Question 2

A business is expecting a cash deficit next month. This means next month its bank balance will

Accepted Answer

decrease

Question 3

The initial capital city of Australia was

Accepted Answer

Melbourne

Question 4

Expected receipt of a bank loan was $5,000. Actual loan received was $2,000. This is

Accepted Answer

an unfavourable variance

Question 5

Collingwood beat Carlton in the recent ______ Grand Final

Accepted Answer

1910

Question 6

Budgeted fees were $10,000. Actual fees received was $12,000. This variance is

Accepted Answer

favourable

Question 7

Is pumpkin a fruit or a vegetable?

Accepted Answer

Fruit

Question 8

The owner has decided to use $1,000 of the business's money for personal use. This will be

Accepted Answer

called Drawings

Question 9

Which of the following would NOT be recorded in the Cash Budget?

Accepted Answer

Credit purchase of a van

Question 10

Budgeting is the process of ________________ financial consequences of _______ _______

Accepted Answer

predicting, future events

Question 11

True or False? It is better to prepare budgets monthly rather than yearly.

Accepted Answer

True

Question 12

Which one of the following is NOT included in a Cash Budget?

Accepted Answer

Variances

Question 13

It is better to prepare budgets monthly than yearly because they will be

Accepted Answer

more accurate and allow for early detection of problems

Question 14

Your body is around ______% water

Accepted Answer

60

Question 15

Budgets assist DECISION-MAKING by allowing business owners to see

Accepted Answer

areas where the business needs improving

Question 16

Melbourne Olympics were held in

Accepted Answer

1956

Question 17

A business is expecting a cash deficit next month. This means the owner should

Accepted Answer

make a capital contribution

Question 18

Which of the following is NOT a cash receipt

Accepted Answer

Loan Repayment

Question 19

Budgets assist __________ by predicting what is going to occur in the future

Accepted Answer

planning

Question 20

A business is expecting a cash surplus next month. The owner should therefore

Accepted Answer

increase its loan repayments

Questions 20