WorksheetsYear 9 Business (Budgeting Exam Revision)
Total questions: 27
Worksheet time: 13mins
A plan for future spending and saving, weighing estimated income against estimated Expenses.
Gross Income
Debt
Expense
Budget
The amount an employee earns once taxes and other items are deducted from their gross pay.
Budget
Debt
Gross Income
Net Income
The state of owing money to another individual or business, or the amount of money borrowed.
Gross Income
Net Income
Debt
Budget
The money an individual spends regularly for items or services.
Budget
Expense
Checking Account
Financial Plan
An income statement highlights:
Assets
Profits and Losses
Sales
Wages
Businesses produce income statement to:
Calculate total costs of expenses
Calculate costs of sales
Legal reasons
Calculate profit/loss for the year
Sales revenue is also known as...
Expense
Income
Equity
Non-current asset
The money that you keep after all costs and expenses are paid is called ...
balance
profit
financial institution
Amount of money spent on items needed is called an ...
expense
variable expense
profit
Financial gain between the amount earned and the amount spent.
Costs
Revenue
Profit
Money generated from selling goods or services.
Costs
Revenue
Profit
The two financial statements most used by businesses are:
owner's equity and capital assets records
tax and personnel records
income statement and balance sheet
accounts receivable and accounts payable records
What is the purpose of preparing the Income Statement?
inform stakeholders the profitability of business
inform stakeholders the income and expenses of business
inform stakeholders the nature of business
inform stakeholders the size of business
The two financial statements most used by businesses are:
owner's equity and capital assets records
tax and personnel records
income statement and balance sheet
accounts receivable and accounts payable records
What is the formula for Profit?
Revenue - Sales
Revenue - Expenses
Revenue - Fixed Expenses
Revenue - Gross Profit
Income is money that a business receives. Select all the types of income below.
Proceeds from service provided
Royalties
Product sales
Return of items to suppliers
Utilities
Expenses include...
Wages
Fuel
Rent
Owner contributed funds
What are the dates of the Australian financial year?
Revenues minus (a) equals the net income.
The following are expenses:
Insurance
Sales
Stationary supplies
Salaries
Fees received
The income statement shows the financial performance of the business
on a GIVEN DATE
for a PERIOD of time
Which of the following are types of revenue (there are 3)
Commission
Rates
Service fees
Sales
The heading for the Income Statement goes as follows:
K Schuler, Income Statement, as at 28 Feb 2020
K Schuler, Income Statement, for period ending 28 Feb 2020
Income Statement, K Schuler, for period ending 28 Feb 2020
For period ending 28 Feb 2020, Income Statement, K Schuler
Which is the correct order of set out for an Income Statement?
Heading, Income, Expenses, Net Income
Heading, Expenses, Less Revenue, Net
Your Revenue totals $5000.00 and your Expenses total $2500.00 your business will have a....
Net Loss for the period
Net Profit for the period
Your Revenue totals $1000.00 and your Expenses total $1200.00 your business will have a....
Net Loss of $200
Net Profit of $200
