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Business Studies
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A review of #BusinessManagement
Flashcards
24 cards
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Practice quiz
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Questions
24
Answers
1
Why are income statement's important?
It shows how a business is performing financially over time
It shows profitability of a company during a specific time
It reveals the ability of a business to generate a profit.
2
This is the profit made before expenses are taken out
Normal Profit
Net Profit
Credit Profit
Gross Profit
3
The costs of goods that create sales revenue
COGS = Opening Stock + Purchases - Closing Stock
Assets = Liabilities + Owner's equity
A = L + OE
Net Profit = Gross Profit - Expenses
4
Financial statement that indicates movement of cash receipts & payments from transactions
Balance sheet
End of financial year statement
Liquidity statement
Cash flow statement
5
Interest is classified under
Expense
Sales/revenue
COGS
6
All operating costs in running a business e.g wages
Expeditionary items
Purchases
Expenses
COGS
7
This is the value of stock that a business is ready to sell to the consumers
Net Profit
Winning stock
Opening stock
Closing stock
8
The 4Ps stand for
Promotion, Profit, Place, Power
Product, Place, Price, Promotion
Persuade, Price, Profit, Product
Product, Place, Profit, Promotion
9
Discount is classified under ...
Revenue/Sales
Expense
COGS
10
Opening & Closing stock are classified as
Expenses
Sales/revenue
COGS
11
Which statement summarizes revenue & expenses of a business & calculates net profit?
Profit & Loss Statement
Revenue Statement
Income Statement
Cash Flow Statement
12
The three broad approaches when selecting a target market are
Marketing Mix
Target market, Niche, Segment
Marketing strategy, Mass, Product
Niche, Mass, Market segmentation approach
13
Depreciation is classified under
COGS
Expense
Sales/Revenue
14
The three key elements of the production process in any business are ...
profitability, market share, operations
inputs, outputs, processes
inputs, value, management
15
This is all the stock left over
Closing Stock
Yearly Stock
Financial Stock
Mystery Stock
16
Net profit = _______ - Expenses
Closing Stock
Income
COGS
Gross Profit
17
Bad debts is classified as
Expense
COGS
Sales/Revenue
18
Quality management is the business strategy to
make sure products meet customer expectations
make sure customers are greeted
make sure managers are trained properly
make sure a target market will purchase goods
19
Marketing mix is the ..
combination of market cycles
combination of the four 4Ps
combination of target markets
20
The key business functions are
Finance
Operations
Marketing
Human Resources
21
This represents a business's assets & liabilities at a point of time & it's net worth
Cash flow statement
Statement of financial position
Income statement
Balance sheet
22
Depreciation on buildings can therefore fall under as a
Administrative expense
Selling expense
Financial expense
23
Cartage inwards refers to the costs involved in getting purchases to your business
It is found under revenue
It is found under expenses
It is found under COGS
24
These are all the items that are bought by a business and relate to stock directly
Sales
Profit
Revenue
Purchases
