GCSE Business Revision- Docs, payment and P/L

Horbury Academy have received a delivery from Amazon.  What is the name of the document which is included in the delivery from Amazon?

• Invoice
• Goods Received Note
• Delivery Note
• Cheque

It is important that goods are checked once received because of 3 out of 4 statements below.  Which one is false?

• Something could be missing
• An item could be damaged
• to generate the invoice
• The wrong item could have been sent

VAT stands for...

• Value Added Tax
• Value Additional Taxes
• Value Added Taxes
• Venue Added Tax

The standard rate of VAT in this country is...

• 15%
• 17.5%
• 20%
• 25%

The VAT to be added to an order worth £200 would be...

• £10
• £20
• £30
• £40

A _____________ is what is given to a customer when they have returned goods that have been damaged, incorrect or not what was ordered

• Voucher
• Invoice
• Statement of Account
• Credit Note

The supplier will send out a ____________ at the end of each month to the customers who owe money to them.

• Credit Note
• Invoice
• Statement of Account
• Purchase Order

Debits =

• Money the customer owes the business
• Money a customer has paid in

Credits =

• Money the customer has paid in to their account
• Money the customer owes

A discount given to other businesses is called...

• Trade Discount
• A bargain
• Sales discount
• Remittance Advice