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Finance Quiz (20 questions) Flashcards | StudBud
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Finance Quiz (20 questions)
Finance Quiz (20 questions)
20 terms
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StudBud Administration
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A #finance quiz for SNCF Co-op
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What are liabilities?
Resources owned by a company
Profits earned from provision of services
Profits earned from sale of product
Future sacrifices (obligation) of the company
2
Profit and Loss statement is a financial statement that summarize
All of the above
Revenues
Costs
Expenses
3
________ = Liabilities + Owner’s Equity
Finance
Marketing
Assets
Cash
4
__ and Loss statement shows the total revenue, cost, profit, operating expenses and net income.
Expenses
Profit
Cost
Income
5
Credits increase ______ and decrease ________
money, cost
cost, money
asset, liability
liability, asset
6
Why do businesses fail?
Overly optimistic, no backup plans
Poor cash flow management skills
All of the above
Poor pricing strategies
7
Gross Profit – Operating Expenses = Net ______
Profit
Expenses
Loss
Income
8
What do liabilities consist of?
Interest Payable
Salaries of workers in the company
All of the above
Income Taxes Payable
9
When there’s no loss or profit you ____ even.
Equity
Break
Equalize
Balance
10
Which of the following are best tools for budgeting?
Pencil and pen
Whatever works best for you
Computer spreadsheets
Personal financial management software
11
What is budgeting?
Having money left over at the end of the month
Having enough money to go out to eat
The ability to pay your bills on time
An advance plan regarding the expenditure of money
12
What is considered an accounting mistake companies make?
None of the above
Working without a budget
Failing to follow accounting procedures
All of the above
13
Debits increase _____ and decrease ______
asset, liability
money, cost
cost, money
liability, asset
14
Which of the following is an example of a ‘fixed expense’?
Food and groceries
Gas for your car
Charitable contributions
Mortgage or rent payments
15
What do assets consist of?
All of the above
Buildings
Investments
Cash
16
Salaries and Rights are _____ cost
Necessary
Company
Capital
Operating
17
As a co-operative, where can you get grants from?
Other co-operative companies
SNCF
Registrar of co-operative societies
Singapore government
18
What is accounting?
Interpreting financial information
All of the above
Recording financial information
Reporting financial information
19
What are assets?
Rent paid by the company
Resources owned by a company
Salaries of workers in the company
Cost of the resources
20
What are costs that vary depending on the production of the company?
Fixed
Liabilities
Variable
Asset
