Understanding Quality and Financial Standards

What does EFQM stand for in the context of quality standards?

• European Foundation for Quality Management

• European Federation for Quality Management

• European Forum for Quality Management

• European Foundation for Quality Measurement

Which organisation is known for setting international quality standards?

• British Standards Institution (BSI)

• International Organisation for Standardization (ISO)

• European Foundation for Quality Management (EFQM)

• International Quality Standards Organisation (IQSO)

What is the primary purpose of regulatory inspections?

• To increase sales turnover

• To ensure compliance with standards

• To improve net profit

• To reduce liabilities

Which of the following is a common term used in financial reporting?

• Quality assurance

• Sales turnover

• Regulatory compliance

• Inspection frequency

What is the term used to describe the point at which total revenue equals total costs?

• Gross profit

• Net profit

• Break-even point

• Retained profit

Which document provides a summary of a company's financial performance over a specific period?

• Balance sheet

• Income statement

• Cash flow statement

• Regulatory report

What does the balance sheet primarily show?

• Revenue and expenses

• Assets and liabilities

• Cash inflows and outflows

• Profit margins

Which term refers to the money a company earns from its normal business operations?

• Gross profit

• Revenue

• Net profit

• Retained profit

What is the difference between gross profit and net profit?

• Gross profit includes all expenses, net profit does not

• Net profit includes all expenses, gross profit does not

• Gross profit is after tax, net profit is before tax

• Net profit is after tax, gross profit is before tax

Which of the following is a liability for a company?

• Cash flow

• Assets

• Income tax

• Retained profit