13.3 Business, Commercial, and Financial Awareness

Which of the following is NOT a financial statement?

• Balance Sheet

• Income Statement

• Cash Flow Statement

• Marketing Plan

What does Unit 13.3 NOT focus on?

• A) Business practices

• B) Economic Concepts

• C) Historical Events

• D) Financial Concepts

Recording financial transactions is important for maintaining ____.

• confusion

• financial health

• secrecy

• chaos

The concept of financial responsibility includes ____.

• ignoring financial obligations

• managing money wisely

• spending without limits

• investing in risky ventures.

What is the role of the owner when other stakeholders are involved in the business?

• To ignore financial responsibility

• To ensure the company is successful and stable

• To focus only on personal profit

• To delegate all responsibilities to others.

As soon as there are other stakeholders involved, the owner has some ______ responsibility.

• Legal

• Financial

• Social

• Environmental

Enforcing financial responsibility in the UK is largely left to whom?

• The government

• The stakeholders

• The owner or manager

• The board of directors

Loans can be taken out to ______.

• Expand a business

• Buy a car

• Travel abroad

• Purchase a house.

Fill in the blank: After the first year, Euan will owe £9,000 × 1.18 = ____.

• £10,620

• £11,000

• £10,500

• £10,800

What are indirect costs?

• Costs directly associated with one item

• Costs generated by multiple activities

• Costs that are always fixed

• Costs that are always variable.