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Intro to Finance

Business

10th Grade

Used 4+ times

Intro to Finance
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9 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

ATO stands for...

Australian Taxation Office

Australian Tax Organisation

Agricultural Tax Office

Australian Tertiary Office

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

An income statement shows...

Statement of the relationship between assets, liabilities and owners’ equity

Statement of performance of the businesses, calculated using revenues and expenses to find if the organisation has made a profit or loss

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

GST stands for...

Greater Service Tax

Goods and Sales Tax

Goods and Services Tax

Greater Service Tax

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Source documents are stored for how many years?

2

3

4

5

5.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

The difference between a cash receipt and an invoice is...

A invoice is to indicate that a sale has been received whereas,  a receipt outlines that a sale has been authorised

A receipt is to indicate that a sale has been received, whereas an invoice outlines that a sale has been authorised

6.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Record keeping is important in business because...

It allows you to make sound business decisions

Allows you to keep track of money

Allows you to avoid penalties

All of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

You need a separate bank account if...

You operate a partnership, company or trust

You operate a sole trader business

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