N5 Finance Quick Test Revision

Quiz
•
Other
•
11th Grade
•
Medium

Chantelle Scott
Used 12+ times
FREE Resource
21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is finance important to every organisation?
Because it helps in creating a company logo
Because all organisations have to deal with money and manage it efficiently
Because it allows companies to have more employees
Because it is required by law to have a finance department
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some of the main tasks of the finance department?
Hiring employees, marketing, and customer service
Payment of wages and salaries, payment of accounts, and keeping financial records and accounts
Creating business strategies, investment in stocks, and designing products
Managing public relations, conducting interviews, and organising events
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an internal source of finance?
A loan from a bank
Money retained from profits
Investment from shareholders
Credit from suppliers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a disadvantage of using an overdraft as a short-term source of finance?
It can be agreed in advance
It offers a permanent facility
Interest rates can be quite high
It improves cash flow
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does trade credit benefit a business?
It requires immediate payment
It allows customers more time to pay
It gives time to sell goods before payment is due
It involves high interest rates
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an advantage of issuing shares as a long-term source of finance?
Shareholders have to be paid dividends
It is difficult to sell enough new shares
Large amounts of money can be raised fairly easily
The company retains full control without shareholders
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the main advantages of bank loans and mortgages?
The interest rates are negotiable.
Repayments are made in regular fixed instalments, making budgeting easier.
They do not have to be repaid.
They provide advice on business matters.
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