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SUMMATIVE ASSESSMENT BM 3

Authored by Nikita Mota

Business

11th Grade

Used 3+ times

SUMMATIVE ASSESSMENT BM 3
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a valid advantage of internal finance?

Administrative procedures can be avoided

Greater choice of sources of finance

Greater flexibility in the use of finance

Tax concessions using internal profits

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If a product has a selling price of $10, average variable costs of $4, and a sales volume of 1200 per period of time, then the total revenue for this time period is

$10

$4 800

$7 200

$12 000

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which one of these is NOT capital expenditure?

Purchasing land for the office

Purchasing stationery (pens, paper, pencils) for the office

Purchasing machinery for the factory

Purchasing vehicles for the office

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Debentures can best be described as a form of

long term loan with a fixed interest rate

long term security giving the holder part ownership of the business

medium term loan with fixed interest rates

short term loan with variable interest rates

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Smile Grocers earn $200 000 in sales revenue, has expenses of $80 000, and cost of sales $90 000. What is the value of the firm's gross profit?

$30 000

$110 000

$120 000

$170 000

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following items DOES NOT appear in a profit and loss account?

cost of sales

expenses

machinery and equipment

overheads

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Identify the running cost (on- going cost) from the options below

cost of licenses and permits

deposit for purchasing a building

interest on bank loans

purchase of furniture

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