What does BACS stand for?, Bankers’ Automated Clearing Services, Banking and Accounting Credit System, Basic Automated Cash System, Bank Account Clearing Software, How long does a BACS payment usually take to clear, 1 working day, 2–3 working days, Same day, One week, Which of the following statements about CHAPS is TRUE?, It is used for small, regular payments like wages, It is slower than BACS, It allows same-day transfers for high-value payments, It is cheaper than BACS, What does VAT stand for?, Variable Accounting Tax, Value Added Tax, Verified Annual Transaction, Value Account Transfer, What is the standard rate of VAT in the United Kingdom?, 10%, 15%, 20%, 25%, What does cash flow represent?, The profit a business makes, The movement of money in and out of a business, The total sales made by a business, The amount of credit given to customers, What does the opening balance represent in a cash flow forecast?, The amount of money left at the end of the month, The total cash earned during the month, The amount of money the business has at the start of the month, The profit made during the month, Which of the following is an example of a cash inflow?, Paying wages, Buying stock, Selling old equipment, Paying rent, If a business has more cash going out than coming in, what type of cash flow is this?, Positive cash flow, Negative cash flow, Balanced cash flow, Net profit, Which of the following is the correct formula for Net Cash Flow?, Net Cash Flow = Total Outflows − Total Inflows, Net Cash Flow = Total Inflows + Total Outflows, Net Cash Flow = Total Inflows − Total Outflows, Net Cash Flow = Opening Balance − Closing Balance, Which of the following shows the correct formula for Closing Balance in a cash flow forecast?, Closing Balance = Opening Balance − Net Cash Flow, Closing Balance = Opening Balance + Net Cash Flow, Closing Balance = Total Inflows − Total Outflows, Closing Balance = Net Profit + Expenses, How can a business improve its cash flow?, Pay suppliers immediately, Ignore overdue customer payments, Offer discounts for early payment, Increase advertising spending.

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