Unit 3 Personal and Business Finance Quiz

What is the surplus achieved when total income is higher than the total costs of the business?

• Current assets

• Profit

• Trade payables

• Expenses

What are customers called who have purchased goods or services on credit and owe the business money?

• Trade receivables

• Sales

• Fixed assets

• Current liabilities

What are items owned by the business that change in value on a regular basis?

• Fixed assets

• Long term liabilities

• Expenses

• Current assets

What is the amount sold multiplied by the selling price?

• Trade payables

• Profit

• Sales revenue

• Current liabilities

What is money owing for goods purchased by the business?

• Current assets

• Trade receivables

• Expenses

• Trades payable

What is the surplus achieved when sales are less than the cost of goods sold?

• Fixed assets

• Current liabilities

• Long term liabilities

• Gross profit

What are items that have a monetary value, are bought for use within the business and likely to stay in the business for more than one year?

• Expenses

• Current liabilities

• Fixed assets

• Current assets

What is something the business owes that is likely to be paid back over a long period of time (1+ years)?

• Current liabilities

• Long term liabilities

• Current assets

• Expenses

What is something the business owes that is likely to be paid back in a short period of time (less than a year)?

• Trade receivables

• Current liabilities

• Fixed assets

• Current assets

What is expenditure on day to day trading activities which are 'used up' and have no monetary value once they have been used?

• Expenses

• Long term liabilities

• Fixed assets

• Gross profit