Finance Unbox-ED ($) - Grade 6-8 - Session 004 - Quiz 1

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 $30 for a cake in September and then sold it for $35 cash in the same month. Select all the statements that are true

• Cash inflow is $35
• Cash outflow is $30
• Net cash inflow is $5
• Net cash outflow is $5

Justin paid $20 for a football in June and then sold it for $15 cash in the same month. Select all the statements that are true

• Cash inflow is $15
• Cash outflow is $20
• Net cash inflow is $5
• Net cash outflow is $5

Profit and net cash inflow are not always the same

• True
• False

Loss and net cash outflow can sometimes be the same

• True
• False

Akshay sold office chairs worth $1,000 in the month of January and got paid $300 in January itself and the remaining $700 in February. Select all the statements that are true

• Income in January is $1,000

• Income in January is $300

• Cash inflow in January is $300

• Cash inflow in February is $700

Tom purchased $100 worth of cookie dough in May to start a cookie business. He paid $20 for the cookie dough in May and remaining $80 in June. How much was his cash outflow in May?

• NIL
• $100
• $20
• $80

Our cash inflows should always be higher than our cash outflows else we will need to borrow money

• True
• False