Finance Unbox-ED (INR) - Grade 6-8 - Session 013 - Assessment 3

Select all the statements that are true

• Income - Expense = Loss
• Income - Expense = Profit
• Expense - Income = Profit
• Expense - Income = Loss

Breakeven happens when income is equal to expenses

• True
• False

John bought a game for INR 50 and spent INR 10 repairing it. He sold it for INR 60

• John made a profit of INR 10
• John made a loss of INR 10
• John was breakeven on the sale
• John made a loss of INR 50

Roger bought a chocolate bar for INR 20 and sold it for INR 30. Select all the statements that are true

• Roger's income is INR 30
• Roger's expense is INR 20
• Roger's loss is INR 10
• Roger's profit is INR 10

Sachin sold lemonade for INR 50. It cost him INR 10 for the lemons and INR 20 for the soda. Select all the statements that are true

• Sachin earned an income of INR 50
• Sachin made expenses of INR 30
• Sachin made a profit of INR 20
• Sachin made a loss of INR 20

Select all the statements that are true

• Income and Cash Inflow are always the same
• Income and Cash Inflow are not always the same
• Expenses and Cash Outflow are always the same
• Expenses and Cash Outflow are not always the same

Select all the items that are cash inflows but not income

• Rent received
• Salaries earned
• Loan taken or money borrowed
• Sale of goods and services

Select all the statements that are true

• Cash Inflow - Cash Outflow = Net Cash Inflow
• Cash Outflow - Cash Inflow = Net Cash Outflow
• Cash Inflow - Cash Outflow = Net Cash Outflow
• Cash Outflow - Cash Inflow = Net Cash Inflow

Rihana paid INR 500 for a cake in September and then sold it for INR 600 cash in the same month. Select all the statements that are true

• Cash inflow is INR 600
• Cash outflow is INR 500
• Net cash inflow is INR 100
• Net cash outflow is INR 100

Justin paid INR 200 for a football in June and then sold it for INR 150 cash in the same month. Select all the statements that are true

• Cash inflow is INR 150
• Cash outflow is INR 200
• Net cash inflow is INR 50
• Net cash outflow is INR 50