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WorksheetsComponent 3 - Financial Documents
Total questions: 14
Worksheet time: 7mins
What is a financial statement?
Financial statements show the money out of a business
Financial statements are formal records of the financial activities and position of a business, person, or other entity.
Financial statements are the records of a business
Financial statements show all the money in the business
What is turnover/revenue?
How much a business is earning on the sidelines
the amount derived from the provision of goods and services AFTER deduction of trade discounts, value added tax (VAT).
money going out of a business
the amount derived from the provision of goods and services BEFORE deduction of trade discounts, value added tax (VAT).
What is the cost of sales?
This covers all the expenses of the business
direct costs of producing the goods sold by a company
the cost of how much it is to pay for products
indirect costs of producing the goods sold by a company
What is gross profit?
Money that you get to be overall profitable
the amount of a business’s net income that is kept within its accounts
Total Revenue – Total Business Expenses
profit a company makes after deducting the costs associated with making and selling its product
What is gross profit?
Money that you get to be overall profitable
the amount of a business’s net income that is kept within its accounts
Total Revenue – Total Business Expenses
profit a company makes after deducting the costs associated with making and selling its product
What is retained profit?
Money that you get to be overall profitable
the amount of a business’s net income that is kept within its accounts
Total Revenue – Total Business Expenses
profit a company makes after deducting the costs associated with making and selling its product
What are business expenses?
money spent, or costs incurred, by a business in their effort to generate revenues
money spent or costs incurred on the products
Money earned from selling products or services
Money that works negatively and is not investable
What is a fixed asset?
a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income.
short-term financial obligations that are due within one year
represent all the assets of a company that are expected to be conveniently sold, consumed
obligations of a company that are due more than one year in the future
What is a current asset?
a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income.
short-term financial obligations that are due within one year
represent all the assets of a company that are expected to be conveniently sold, consumed
obligations of a company that are due more than one year in the future
What is a current liability?
a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income.
short-term financial obligations that are due within one year
represent all the assets of a company that are expected to be conveniently sold, consumed
obligations of a company that are due more than one year in the future
What is a long term liability?
a long-term tangible piece of property or equipment that a firm owns and uses in its operations to generate income.
short-term financial obligations that are due within one year
represent all the assets of a company that are expected to be conveniently sold, consumed
obligations of a company that are due more than one year in the future
A card which enables payments for goods and services to be deferred for a period of one month is called ___________.
Cash
Debit Card
Credit Card
Direct Debit
Which form of payment gives flexibility and is most suitable for small purchases?
Cash
Debit Card
Credit Card
Direct Debit
Which type of payment allows people to pay online or via their smartphones?
Debit Card
Credit Card
Direct Debit
Payment Technologies
