Business Accounting - Intro Quiz

The surplus achieved when total revenue (income) from sales is higher than the total costs of a business, is called ...

• Expenditures

• Profit

• Maximum Revenue

• Administrative Costs

The shortfall suffered when total revenue from sales is lower than the total costs of a business is called ...

• Net Profit

• Gross Profit

• Loss

• Administrative Costs

The quantity sold times its selling price is called the ...

• Sales revenue

• Net Profit

• Net Loss

• Administrative Costs

The gross profit minus other expenses – for example, rent and advertising - is called the ...

• Total revenue

• Fixed costs

• Administrative costs

• Net profit

The items of value owned by a business that are likely to stay in the business for more than one year – for example, machinery - is called ...

• Gross revenue

• Fixed assets

• Capital income

• Administrative costs

Capital investment (sometimes called capital income) refers to money the business invests in itself from these sources, except...

• Owner's savings

• Sales revenue

• Loan from banks

• Investment from sale of shares

The percentage rate a bank charges for a loan - i.e., the cost of borrowing money - is termed ...

• Addendum

• Principal

• Interest rate

• Administrative cost

A percentage paid on a sale to the person or business responsible for making that sale, is called ...

• Commission

• Sales tax

• Additional revenue

• Administrative cost

For all businesses, the following are a number of costs associated with premises, except...

• Rent

• Heat and Light

• Insurance

• Salaries

Staff costs can include the following, except:

• Salaries

• Training

• Marketing

• Pensions