Finance Unbox-ED ($) - 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 $20 and spent $5 repairing it. He sold it for $25

• John made a profit of $5
• John made a loss of $5
• John was breakeven on the sale
• John made a loss of $20

Roger bought a chocolate bar for $2 and sold it for $3. Select all the statements that are true

• Roger's income is $3
• Roger's expense is $2
• Roger's loss is $1
• Roger's profit is $1

Sachin sold a burger and a lemonade for $5. It cost him $2 for the burger and $1 for the lemonade. Select all the statements that are true

• Sachin earned an income of $5
• Sachin made expenses of $3
• Sachin made a profit of $2
• Sachin made a loss of $2

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