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WorksheetsYear 11 Accounting Pre-Test
Total questions: 10
Worksheet time: 6mins
A trading business earns revenue through buying and selling goods
True
False
A service business earns revenue through providing (a) for a fee
Which is not a source of revenue
Sales
Services
Interest
Cost of sales
What does the Profit & Loss statement measure?
Gross profit and Net profit are both included on the Profit & Loss Statement.
True
False
Which is not an expense category used in a Profit & Loss Statement.
Selling Expenses
Administration Expenses
Employment Expenses
Financial Expenses
Tick the following accounts you think would be found in the Administrative Expenses section of the Profit & Loss
Advertising
Stationary
Taxes
Telephone
Interest expense
How do you calculate Net profit?
Which is not a ratio used when analysing the profit & loss statement?
Profitability Ratio
Consistency Ratio
Liquidity Ratio
Stability Ratio
Return on Owners Equity Ratio shows how efficient the business is at making the capital invested earn profit.
True
False
Return on Owners Equity is not a ratio
