Business Studies iGCSE Quiz: Balance Sheets/Statements of Financial Position

Which section of the Balance Sheet represents the ownership interest in the business?

• Equity

• Current Assets

• Current Liabilities

• Non-current Liabilities

What do we call assets that are expected to be converted into cash within one year?

• Non-current assets

• Current assets

• Non-current liabilities

• Current liabilities

Which section of the Balance Sheet lists liabilities that are due within one year?

• Current Assets

• Non-current Assets

• Current Liabilities

• Non-current Liabilities

Which category of assets represents long-term investments?

• Non-current assets

• Current assets

• Non-current liabilities

• Current liabilities

What is the formula to calculate Equity?

• Assets - Liabilities

• Liabilities - Assets

• Assets + Liabilities

• Liabilities + Assets

What do we call the money owed by the business to suppliers?

• Accounts Receivable

• Accounts Payable

• Revenue

• Expense

What do we call the amount of money earned by the business from its normal activities?

• Equity

• Revenue

• Expense

• Dividend

What do we call the money owed by customers to the business?

• Accounts Receivable

• Accounts Payable

• Equity

• Revenue

What is the purpose of the Balance Sheet?

• To show the company's profit or loss

• To show the company's cash inflow and outflow

• To show the company's financial position at a specific point in time

• To show the changes in the company's retained earnings over a period of time

What is another term for the Balance Sheet?

• Income Statement

• Statement of Cash Flows

• Statement of Financial Position

• Statement of Retained Earnings