AAT Level 1 BS Assessment LQ1 Quiz

What is typically the primary goal of private companies?

• Raising awareness

• Making a profit

• Providing public services

• Reducing costs

Which sector does an organization belong to if it buys raw materials to turn into finished goods through a production process?

• Retail

• Manufacturing

• Charity

• Service

Which department would most likely require information on changes in tax on earnings and National Insurance rates?

• Sales and marketing

• Human resources

• Purchasing

• IT

Which of the following is one of the likely results when expenditure is greater than income for an organisation?

• The organisation will make a profit and therefore be able to grow the business

• The organisation will make a loss and may not be able to pay for purchases, so suppliers may withdraw credit terms

• The organisation will continue to operate as normal, as making a profit or loss is not important

How much was the total cost of the toner?

• £66.25

• £65.00

• £66.50

• £66.75

What type of transaction was made when buying the toner?

• Cash sale

• Cash purchase

• Credit sale

• Credit purchase

If the toner had been bought from DeskAngels, what type of transaction would this have been?

• Cash sale

• Cash purchase

• Credit sale

• Credit purchase

If the toner had been purchased from DeskAngels, which payment terms would have been in place for 4th March 20X8?

• Payment at the end of invoice month

• Payment in 14 days

• Payment on delivery

• Payment in 30 days

If the toner had been purchased from DeskAngels, which payment terms would have been in place for 31st March 20X8?

• Payment at the end of invoice month

• Payment in 14 days

• Payment on delivery

• Payment in 30 days

If the toner had been purchased from DeskAngels, which payment terms would have been in place for 9th April 20X8?

• Payment at the end of invoice month

• Payment in 14 days

• Payment on delivery

• Payment in 30 days