1) This is a financial document that shows the profit and loss made from sale of goods/services a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses f) Income Statement 2) This is the amount of money made from selling goods and services a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses 3) Running costs incurred throughout the year ie rent a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses 4) This is the amount of money spent on selling goods a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses 5) This is the amount of money spent on selling goods a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses 6) This is the final thing on the income statement (think about layout) a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses 7) This is calculated by deducting all expenses from gross profit a) Sales Revenue b) Cost of Sales c) Gross Profit d) Profit for the Year e) Expenses 8) This user would be interested in financial statements to make sure they are getting a good return on their investment a) Shareholders b) Owner c) HMRC d) Lenders e) Competitors 9) This user would be interested in financial statements to make sure that the right amount of tax is being paid a) Shareholders b) Owner c) HMRC d) Lenders e) Competitors 10) This user would be interested in financial statements to make sure that they are making the right decisions for the company a) Shareholders b) Owner c) HMRC d) Lenders e) Competitors 11) This user would be interested in financial statements to make sure that the company can pay back any loans given to them a) Shareholders b) Owner c) HMRC d) Lenders e) Competitors 12) This user would be interested in financial statements to measure the success of the company against their own a) Shareholders b) Owner c) HMRC d) Lenders e) Competitors 13) The statement of financial position shows a) How many vehicles the business owns b) How much profit the business has made that year c) Overall value of the business at that point in time d) Overall value of shares in the business 14) Working Equity is a) Items owned for short period of time ie less than a year b) The ability of the business to pay short terms debts c) Items owned for long periods of time ie more than a year d) Overall value of the business e) Long term business debts f) Short term business debts 15) Non-current assets are a) Items owned for short period of time ie less than a year b) The ability of the business to pay short terms debts c) Items owned for long periods of time ie more than a year d) Overall value of the business e) Long term business debts f) Short term business debts 16) Current assets are a) Items owned for short period of time ie less than a year b) The ability of the business to pay short terms debts c) Items owned for long periods of time ie more than a year d) Overall value of the business e) Long term business debts f) Short term business debts 17) Non current liabilities are a) Items owned for short period of time ie less than a year b) The ability of the business to pay short terms debts c) Items owned for long periods of time ie more than a year d) Overall value of the business e) Long term business debts f) Short term business debts 18) Current liabilities are a) Items owned for short period of time ie less than a year b) The ability of the business to pay short terms debts c) Items owned for long periods of time ie more than a year d) Overall value of the business e) Long term business debts f) Short term business debts 19) Owned company vehicles and machinery would be classed as a) current asset b) current liability c) non current asset d) non current liability 20) Inventory would be classed as... a) current asset b) current liability c) non current asset d) non current liability 21) Bank overdraft would be classed as a) current asset b) current liability c) non current asset d) non current liability 22) The purpose of financial documents is... a) To allow competitior comparison b) To allow better decision making c) To highlight areas of concern in the business d) All of the above

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