1) The total amount of income generated by the sale of goods and services. a) Revenue   b) Expenditure  c) Debtors d) Credit note 2) Money that the organisation owes out a) Return on investments b) Trading account  c) Liabilities  d) Long-term liabilities  3) Money that needs to be paid back within the year a) Short-term/current liabilities b) Current Assets   c) Depreciation d) Surplus   4) Money that is paid back over a longer period of time, for example, a mortgage. a) Short-term/current liabilities b) Revenue   c) Depreciation d) Long-term liabilities  5) A tax that is added to the cost of goods and services. a) Value added tax (VAT)   b) Credit note c) Debt factoring   d) Revenue   6) A statement given to the organisation or customer when goods have been returned. This can be used towards future purchases.  a) Overheads   b) Trading account  c) Revenue   d) Credit note 7) The difference between the revenue and the cost of products or services; after deducting other payments such as payroll, overheads, taxes etc. a) Balance sheet  b) Net profit   c) Liabilities  d) Surplus   8) The difference between the revenue and the cost of products or services; before deducting other payments. a) Gross profit  b) Accounting Transaction c) Debtors d) Current Assets   9) A business takes responsibility for collecting money relating to another business invoices. They then pay the business part of the total amount owed on the invoices. a) Value added tax (VAT)   b) Cash flow   c) Budget Holder d) Debt factoring   10) The total amount of money that an organisation spends. a) Overheads   b) Long-term liabilities  c) Expenditure  d) Net profit   11) Plans that show forecast money coming into or going out of the organisation. a) Creditors   b) Budgets   c) Revenue   d) Budget Holder 12) A person or organisation that owes money to your organisation.  a) Debtors b) Credit note c) Debt factoring   d) Assets 13) An individual or organisation that is owed money from the organisation. Such as suppliers or credit (loans etc.) a) Creditors   b) Current Assets   c) Zero-Based Budgeting d) Return on investments 14) The amount of cash moving in and out of the organisation during a set period of time. a) Short-term/current liabilities b) Expenditure  c) Cash flow   d) Internal Audit 15) The amount of money that is left over after the organisation has taken away its expenses away from its income. a) Liabilities  b) Long-term liabilities  c) Surplus   d) Gross profit  16) A fund of money deposited with another financial organisation for the sole purpose of financial speculation, usually overseen by an investment dealer, fund manager or personal trader.  a) Budget Holder b) Credit note c) Gross profit  d) Trading account  17) Items that can be converted to cash quickly a) Value added tax (VAT)   b) Current Assets   c) Creditors   d) Assets 18) A summary of the financial balances of an individual or business.  a) Surplus   b) Debtors c) Balance sheet  d) Assets 19) Shows a business’ revenue and expenses over a particular period of time, typically either one month or consolidated months over a year.  a) Profit and loss account   b) Gross profit  c) Long-term liabilities  d) Accounting Transaction 20) Tells you how much money you've made (or lost) on an investment or project after accounting for its cost. a) Current Assets   b) Return on investments c) Short-term/current liabilities d) Debtors 21) Refers to the costs of running a business that are not directly related to producing a good or service. a) Depreciation b) Short-term/current liabilities c) Surplus   d) Overheads   22) A reduction in the value of an asset over time, due in particular to wear and tear. a) Depreciation b) Budget Holder c) Balance sheet  d) Gross profit  23) The person in charge of a particular budget. a) Budget Holder b) Fixed Assests c) External Audit d) Debtors 24) When a budget is 'reset' every financial year and all items of spending have to be justified again. a) Zero-Based Budgeting b) Balance sheet  c) Long-term liabilities  d) Budgets   25) The event and record of goods or services for money. a) Depreciation b) Profit and loss account   c) Accounting Transaction d) Return on investments 26) Checking controls that an organisation has in place for recording transactions a) Internal Audit b) Accounting Transaction c) Expenditure  d) Balance sheet  27) Engaging accountants from outside the organisation to check that the accounts are true. a) Debtors b) External Audit c) Cash flow   d) Creditors   28) Resources that hold value to the organisation a) Balance sheet  b) Assets c) Liabilities  d) Return on investments 29) Are Land, equipment, or buildings that can be valued, but take longer to turn into cash. a) Liabilities  b) Current Assets   c) Fixed Assests d) Value added tax (VAT)   30) A tax on profits from doing business as a limited company, paid before shareholder dividends are paid out to avoid tax manipulation. a) Value Added tax (VAT) b) Corporation Tax c) Overheads d) Return on Investments

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