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WorksheetsFinancial records
Total questions: 22
Worksheet time: 11mins
A business keeps various types of financial records to monitor its performance and ensure that ____ are paid.
minimum wages
bonuses
tips
taxes
When a buyer orders goods/services from a seller = ???
Receipt
Purchase order
Balance sheet
Credit note
Used when goods are delivered to the buyer = ???
Delivery document
Delivery contract
Delivery record
Delivery note
Used to show that goods have been received = ???
Goods received note
Goods received slip
Goods received ticket
Goods received certificate
Details the amounts owed by a customer for the goods they have made an order for = ???
Goods received note
Credit note
Invoice
Profit and loss statement
Used when a customer returns faulty goods to the seller = ???
Refund acceptance note
Debit note
Invoice
Credit note
Document that provides proof of purchase = ???
Cash flow forecast
Statement of account
Receipt
Limited liability
A summary of recent transactions between a business and their customer = ???
Statement of account
Statement of intent
Statement of permission
Statement of trading
Document that confirms that the customer has received all of the goods ordered = ???
Credit note
Invoice
Goods received note
Statement of account
A document that shows how much money the customer owes, how they can pay and when by = ???
Balance sheet
Invoice
Credit note
Goods received note
Document used when customers have a large account and regularly purchase goods = ???
Memorandum of association
Delivery note
Invoice
Statement of account
Items that an enterprise owns such as vehicles, property and equipment = ???
Sales revenue
Liabilities
Assets
Gross profit
It is a ____ requirement for limited companies to keep financial records.
legal
informal
formal
political
Gives the date when the customer needs to pay = ???
Receipt
Invoice
Delivery note
Purchase order
Lists how what has been ordered, how much and agreed prices = ???
Trade debtor
Buyer order
Purchase order
Trade creditor
Trade debtor = ???
Somebody your business owes money to
Money owed to a supplier
Somebody who owes your business money
A shareholder who is awaiting a dividend payment
Trade creditor = ???
Somebody who owes your business money
A customer who has paid cash
A customer who has underpaid
Somebody your business owes money to
Financial records need to be accurate to ensure that ____
you avoid paying corporation tax.
you request that incorrect amount is paid by customers
you overcharge customers
you know what to send to customers.
An enterprise needs to pay tax to who ???
HMRC
HRCM
SWOT
HMCR
What type of tax do limited companies need to pay?
Income tax
PAYE
Corporation tax
Governmental subsidy
A business needs to keep accurate financial documents so that they ____
attract more customers
can use market segmentation effectively
motivate their employees
are able to calculate revenues, costs and profit/loss.
What should not be shown on an invoice???
Details of the customers order
Amount to be paid by the customer
Delivery note
Date
