Financial Literacy Quiz

19 termsStudBud Administration

Test your knowledge on key financial concepts such as net income, expenses, revenue sources, and financial statements.

Flashcards19 cardsFPractice quizPHost liveL

Questions 19

Answers

1
Which is a business expense?
Customer payments
Product price
Office rent
Sales revenue
2
What is net income?
Total revenue
Gross profit
Revenue minus expenses
Total expenses
3
Which is a revenue source?
Utility bills
Employee salaries
Product sales
Office supplies
4
What is retained earnings?
Net losses
Total expenses
Accumulated profits
Total revenue
5
How to increase net income?
Raise expenses
Buy more inventory
Hire more staff
Increase sales
6
Which is a non-operating expense?
Interest expense
Rent
Salaries
Utilities
7
What is a variable cost?
Office rent
Salaries
Insurance
Raw materials
8
How to calculate gross profit?
Expenses minus revenue
Revenue minus expenses
Revenue minus COGS
Net income minus taxes
9
Which affects net income?
Product color
Office size
Taxes
Employee count
10
How to reduce expenses?
Increase salaries
Expand office space
Buy more inventory
Negotiate supplier prices
11
Which is a fixed cost?
Raw materials
Utility usage
Sales commission
Rent
12
What is an income statement?
Profit and loss report
Balance sheet
Cash flow statement
Tax return
13
Which is a tax-deductible expense?
Home rent
Personal car
Personal groceries
Business travel
14
How to calculate net income?
Revenue minus taxes
Assets minus liabilities
Expenses minus revenue
Revenue minus expenses
15
What is COGS?
Cost of goods sold
Cost of general services
Cost of government services
Cost of gross sales
16
Which is a financial statement?
Income statement
Marketing plan
Employee handbook
Sales brochure
17
What is depreciation?
Profit increase
Revenue increase
Asset value decrease
Expense reduction
18
Which is a capital expense?
Employee salaries
Office supplies
Equipment purchase
Utility bills
19
True or false: Net income is profit
True
False

Financial Literacy Quiz Flashcards | StudBud