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Manage Finances Introduction Flashcards | StudBud

Explore/Manage Finances Introduction

Manage Finances Introduction

11 terms·StudBud Administration·113 plays

Revision of Accounting terms

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Questions 11

Answers

1
We will be developing the budget to
Ensure that I have thought of all possible expenses that have to be covered
Test the financial viability of my business concept
See if my business will work
All answers are correct
2
There is a lot to research and analyse for my business - financially.
False
True
3
What is a debtor?
Someone who owes money to the business
A creditor
A bad debt
Someone the business owes money to
4
My business will have assets. What are assets?
Cash, stock, debtors and bank accounts
Delivery van, tables and chairs, cash and stock
Cash, stock and debtors
Something the business owns
5
There are three final budget reports to be prepared
False
True
6
The Profit and Loss Statement is also called a Statement of Financial Performance
False
True
7
This class goes for 2 terms so there is plenty of time to relax
False
True
8
What is a creditor?
Someone who owes the business money
A nasty horrible person
A really kind and nice person
Someone the business owes money to
9
What does the Cash Flow budget show us?
If we will make a profit
if there is money in the bank
If we will make a loss
If there will be money in the bank
10
Why is a Balance Sheet called a balance sheet?
Because I said
Because Assets = Liabilities + Owners Equity
Because it must balance
Because Assets - Liabilities = Owners Equity
11
The budgeted Profit and Loss Statement tells us
how much income tax we will have to pay
what our financial KPIs are
if we will make a profit or loss
All answers are correct