
Financial Literacy Quiz
Authored by Aasma Nawab
Business
12th Grade

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main purpose of a budget?
To record past financial transactions
To estimate future income and expenses
To calculate taxes
To increase the profit margin automatically
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement shows the assets, liabilities, and equity of a business at a particular point in time?
Income Statement
Cash Flow Statement
Balance Sheet
Profit and Loss Report
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a cash flow statement measure?
The business's profits
The business’s expenses
The inflows and outflows of cash
The value of the business’s assets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the amount left over after all expenses have been deducted from revenue?
Profit
Revenue
Cash Flow
Asset
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "forecasting" in the context of business?
Predicting future weather patterns
Estimating future sales, expenses, and other financial data
Reviewing past business performance
None of the above
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT typically part of a business’s cash inflows?
Loan proceeds
Interest income
Salaries paid to employees
Revenue from sales
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What would happen to a business's budget if expenses are higher than income?
The business will have a profit
The business will break even
The business will have a deficit
The business will expand
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