1) The point at which revenue and costs are the same a) Break-Even b) Variable cost per unit c) Fixed Cost d) Sales 2) A sum of money received from the government that doesn't have to be paid back a) Fixed Costs b) Loan from family/friends c) Leasing d) Government Grant 3) The income received from selling goods/services a) Bank Loan b) Revenue c) Costs d) Break-Even 4) Costs that do not change regardless of increases/decreases in production a) Break-Even b) JIT Production c) Government Grant d) Fixed Costs 5) Costs that increase/decrease depending on increases/decreases in production a) Revenue b) Break-Even c) Fixed Costs d) Variable Costs 6) A disadvantage of a Bank Overdraft is a) Flexible repayment b) Easy to setup c) Fixed Costs d) Daily interest charged 7) ................. allows LTD companies to raise large amounts of capital a) Bank overdraft b) Leasing c) Issuing Shares d) Hire Purchase 8) What are Total Costs at the Break-Even point if Revenue is £500 a) £1,000 b) £0 c) £500 d) £250 9) What is the Opening Balance in June if the closing balance in May is £2000 a) £2,000 b) £1,000 c) Don't know d) £0 10) What is the Opening Balance in September if the Closing Balance in July is £4,500 a) £9,000 b) £4,500 c) Don't know 11) The term ...... ........ refers to the movement of cash in and out of the business a) Break-Even b) Cash Flow c) Revenue d) Costs 12) Which is a potential solution for improving cash flow? a) Buy a large piece of machinery using cash b) Use Hire purchase to spread cost of equipment c) Increase wages & overtime d) Buy more stock 13) How could a business reduce cash tied up in stock? a) Change to JIT Production b) Employee fewer staff c) Un-tie the stock d) Take out a bank overdraft 14) How might a business reduce staffing costs? a) Increase overtime b) Decrease overtime c) Give staff paid leave d) Promote staff 15) Which is not a role of the Finance dept? a) Record and maintain financial records b) Pay bills c) Deciding the price of products/services d) Paying wages and salaries 16) Which of these sources of finance could a Sole Trader not use? a) Loan from family/friends b) Issuing shares c) Bank Loan d) Government grant e) Grant 17) ............. is a percentage amount paid back on top of what was originally borrowed. a) Loan b) Interest c) Overdraft d) Mortgage 18) Break-Even Formula is... a) Variable Cost per unit/(Selling price - Fixed Costs) b) Fixed Costs/(Variable Cost per unit - Selling price) c) Fixed Costs/(Selling price - Variable cost per unit) d) Fixed Costs + Variable Costs 19) An example of a Fixed Costs is... a) Rent b) Raw Materials c) Machinery Purchase d) Wages 20) An Example of a Variable Cost is... a) Mortgage b) Insurance c) Heat & Light 21) Which is a disadvantage of Leasing equipment? a) The business doesn't own the equipment b) Spreads the cost over months/years c) Equipment is brand new 22) A ............ is a sum of cash used for buying property. a) Hire purchase b) Government Grant c) Mortgage d) Lease 23) Which business is least likely to be accepted for a bank loan? a) Partnership b) Private Limited Company c) Sole Trader 24) One benefit of using spreadsheets in Finance is... a) Easier to edit budgets or Income Statements b) Graphs/charts can be used to show financial info c) Formulas can be used to calculate d) All of the above
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