BUSS1030 S12021 Revision!

Which of the following best describes Uber?

• Manufacturer

• Wholesaler

• Retailer

• Service Provider

Which of the following business structures has limited liability?

• Partnership

• Sole trader

• Company

• Merchandiser

Which of the following is not a direct effect of being separate legal entities?

• Paying company tax

• Unlimited life

• Limited liability

• Increased access to funds

Which of the following is not a specific regulation affecting businesses?

• Consumer protection

• Employee protection

• Environmental protection

• Corporate social responsibility

Which of the following best describes what a balance sheet does?

• Summarises cash flows for a specific time period

• Summarises financial position on a given date

• Evaluates the costs of specific products or activities within a business

• Communicates information to internal users to make decisions

Which of these components is not on the statement of changes in equity?

• Owner’s contributions

• Income

• Assets

• Drawings

Which of the following is affected by Generally Accepted Accounting Principles?

• Balance Sheet

• Cost Report

• Income Statement

• Statement of Cash Flows

Which of the following describes total contribution margin?

• Total Fixed Costs + Total Variable Costs

• Variable Cost Per Unit x Selling Price

• Sales Revenue - Total Variable Costs

• Total Costs / Total Variable Costs

Which of the following budgets applies to a service business?

• Purchases Budget

• Production Budget

• Expenses Budget

• Materials Budget