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Business and Financial Basics Flashcards | StudBud
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Business and Financial Basics
Business and Financial Basics
17 terms
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StudBud Administration
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Test your knowledge on fundamental concepts and terms related to business and finance
Flashcards
17 cards
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Questions
17
Answers
1
True or false: A sole trader cannot hire others.
True
False
2
Which is a fixed cost?
Heating
Rent
Lunch costs
Stock
3
True or false: Waste bins should be emptied daily.
True
False
4
What is stock rotation?
New in front
Alphabetical order
Random placement
Old in front
5
What is cash flow?
Assets and liabilities
Cash in and out
Profit calculation
Sales and expenses
6
What is gross profit?
Selling products
Before expenses
Selling services
After expenses
7
True or false: Balance sheets show assets and liabilities.
True
False
8
What are startup costs?
Insurance
Premises, Stock, Equipment
Telephone bills
Heating bills
9
What is a sole trader?
Franchise
One person business
Partnership
Limited company
10
True or false: Variable costs change with production.
True
False
11
What defines a partnership?
Franchise
Two or more people
Sole trader
Limited liability
12
What does VAT stand for?
Various Added Taxes
Value Added Tax
Value Achieved Taxes
Variety Added Tax
13
How to reduce fire risk?
Correct storage
Direct sunlight
Leaving open
Heat source
14
What does CPD stand for?
Constant Personal Delivery
Continuous Professional Development
Cautious Product Delivery
Continuous Product Delivery
15
Best way to prevent cross infection?
Same gloves for all
Shower before treatment
Use disposable items
No gloves
16
True or false: A limited liability company is a separate entity.
False
True
17
What does capital mean?
None of the above
Products
Services
Money
