1) According to UK Government legislation, how long must companies keep their financial records for? a) 3 years b) 4 years c) 5 years d) 6 years e) 7 years f) 8 years 2) A financial report that provides a summary of a company's revenues, expenses, and profits/losses over a given period of time is called a... a) Purchasing Record b) Profit and Loss Statement c) Balance Sheet d) Sales 3) Something containing economic value and/or future benefit is also called... a) Asset b) Liability c) Equity d) Tax 4) Select one example of a long-term liability a) Copyrights b) Debt c) Wages d) Rents e) Pension Fund f) Deferred Tax 5) A charge on sales of goods and services based on the value of the item sold is called... a) Income Tax b) Value Added Tax (VAT) 6) As of April 2022, what percentage will National Insurance rise to? a) 12.75% b) 13.00% c) 13.25% d) 13.50% 7) The percentage of sales revenue that is left once the cost of sales has been paid is called... a) Gross Profit Margin b) Net Profit Margin 8) The proportion of sales revenue that is left once all costs have been paid is called... a) Gross Profit Margin b) Net Profit Margin 9) Which of the following is not included in a balance sheet? a) Assets b) Liabilities c) Tax d) Equity 10) Predicting the future flow of cash in and out of a business' bank account is also called.. a) Cash Flow b) Sales c) Gross Profit Margin d) Balance Sheet

Finance and Accounting for Business Planning

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