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WorksheetsChapter 24: Balance Sheets
Total questions: 15
Worksheet time: 11mins
Name
Class
Date
1.
Which of these does a balance sheet show
a)
How much gross profit a business made
b)
Its total revenue
c)
What a business owns and owes
d)
How much it paid in rent
2.
What period of time does a balance sheet cover?
a)
One quarter
b)
One moment in time
c)
One year
d)
One tax year
3.
Which of these might appear on a balance sheet?
a)
Cost of sales
b)
Cash flow forecast
c)
Staff salaries
d)
Creditors
4.
Which of these is a liability?
a)
Cash in bank
b)
Money owed to other business (creditors)
c)
Stock
d)
Machinery
5.
Current liabilities are Long term
a)
True
b)
False
6.
Which of these is an asset?
a)
A loan to buy a van
b)
A satisfied customer
c)
Any stock (Inventory) that you have
d)
Reduced rent
7.
Fixed assets can be converted to cash really quickly
a)
True
b)
False
8.
A bank loan is normally a
a)
long term liability
b)
a current liability
c)
a fixed asset
d)
a current asset
9.
Which of these does not appear on a balance sheet?
a)
A loan to the bank
b)
Machinery you own
c)
Any cash in your bank
d)
The breakeven point
10.
The Accounting Equation is: Assets = Capital - Liabilities
a)
True
b)
False
11.
Working Capital is:
a)
Assets - Liabilities
b)
Current Assets - Current Liabilities
c)
Fixed Assets - Long-term Liabilities
d)
None of the above
12.
Examine the picture and select the value for Total Assets
a)
300,000
b)
800,000
c)
2,000,000
d)
2,500,000
13.
Examine the picture and select the value for Net Assets
a)
300,000
b)
800,000
c)
2,000,000
d)
2,500,000
14.
Examine the picture and select the value for Working Capital
a)
300,000
b)
800,000
c)
2,000,000
d)
2,500,000
15.
Examine the picture and select the value for the funds available to shareholders
a)
1,200,000
b)
1,400,000
c)
200,000
d)
2,500,000
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