Business Studies Grade 11 - Finance quiz

Which one of the following will not be part of the income statement

• Assets
• Income
• Expenses

A/An ________ means the bank allows the business to spend more money than what it has in its bank account.

• loan
• liability
• overdraft
• overpayment

When a business buys goods/services from their supplier on credit, it means they have a/an ________.

• balance
• asset
• owner's equity
• liability

When the income exceeds expenses, a ______ has been made.

• liability
• loss
• profit
• asset

A/An _______ is someone who owes money to the business.

• creditor
• liability
• debtor
• asset

______ is an example of a current asset.

• Creditor
• Trading stock
• Long term loan
• Vehicles

______ is an example of a non-current asset.

• Long term loan
• Land and buildings
• Bank
• Creditor

______ is an example of a current liability.

• Cash
• Debtor
• Vehicle
• Creditor

______ is an example of a non-current liability.

• Equipment
• Mortgage bond
• Creditor
• Short term loan

The __________ indicates the financial position of a business.

• Income statement
• Balance sheet
• Cash flow statement
• None of the above