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YEAR NINE EASTER TERM BUSINESS STUDIES REVISION BOOK

Total questions: 80

Worksheet time: 43mins

Name
Class
Date
1.

What is balance sheet?

a)

A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity at a specific point in time, and provides a basis for computing rates of return and evaluating its capital structure.

b)

A Balance sheet is one of a company's core financial sheet that shows their profit and lossProfit and Loss

2.

Which one is not belongs to liability?

a)

Mobile Phone Bill

b)

Bank Loan

c)

Bank Balance

d)

Owed To Friends

3.

Property owned by an individual

a)

Liability

b)

Asset

c)

Property

d)

Net Worth

4.

Debts and financial obligations (responsibilities).

a)

Liabilities

b)

Assets

c)

Negative Net Worth

d)

Property

5.

Examples of Liabilities include which of the following:

a)

Loans, credit cards, and real property

b)

Loans, mortgage, and credit cards

c)

Loans, Art collection, and savings account

d)

Mortgage, credit card, and real property

6.

Examples of assets include:

a)

Real Property, Car, and credit cards

b)

Car, Jewelry, and Checking account

c)

Art collection, Jewelry, and unpaid taxes

d)

Real Property, Car loan, Jewelry

7.

Net Worth if equal to:

a)

Liabilities added to assets

b)

Assets minus liabilities

c)

Assets added to liabilities

8.
Which of the following is considered an asset?
a)
Bank Loan
b)
Mortgage
c)
Debit Card
d)
Savings account
9.
Which of the following is considered a liability?
a)
Savings Account
b)
Mortgage
c)
Savings bond
d)
Coin Collection
10.

Current Assets are cash or other assets that are expected to be converted to cash within a year

a)

True

b)

False

11.

Non current liability are financial obligations that are due for settlement within 1 year. True or False

a)

True

b)

False

12.

Which one is right?

a)

Asset = Owner's equity + Liability

b)

Asset = Owner's equity - Liability

c)

Asset + Owner's equity = Liability

d)

Asset + Owner's equity = expense

13.

The third line of the balance sheet at the end of the year should begin with "For the Year Ended".

a)

True

b)

False

14.

How do we calculate Total Assets?

a)

Fixed Assets - Current Liabilities

b)

Current Assets / Current Liabilities

c)

Fixed Assets + Current Assets

d)

Fixed Assets - Current Assets

15.

Select the item which is not a component of a balance sheet.

a)

Fixed Assets

b)

Current Assets

c)

Current Liabilities

d)

Expenses

16.

Calculate the total assets?


Current Assets - $100.00

Fixed Assets - $200

Current Liabilities -$300

Capital - $100

a)

300

b)

400

c)

500

d)

200

17.

What is another name for Statement of Financial Position?

a)

Income Statement

b)

Trading and Profit and Loss Account

c)

Balance Sheet

d)

None of the Above

18.

What is the name given for all the resources owned by the business?

a)

Assets

b)

Liabilities

c)

Capital

d)

All of the Above

19.

Assets are expected to last and to be used by the business for a long time are called_____________________.

a)

Assets

b)

Current Assets

c)

Fixed Assets

d)

Capital

20.

Classify the item : Fixtures and Fittings

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

21.

Classify the item : Cash at bank

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

22.

Classify the item : Long Term Loan

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

23.

Classify the item : Bank Overdraft

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

24.

Classify the item : Drawings

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

25.

Classify the item : Trade payable

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

26.

Classify the item : Capital

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

27.

Classify the item : Trade Receivables

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

28.

Classify the item : Premise

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

29.

Classify the item : Mortgage

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

30.

Classify the item : Insurance

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

31.

Classify the item : Discount Received

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

32.

Classify the item : Office Rent

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

33.

Classify the item : Discount Allowed

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

34.

Classify the item : Cash in hand

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

35.

Classify the item : Advertising

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

36.

Classify the item : Carriage Inward

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

37.

Classify the item : Purchase

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

38.

Classify the item : Office Equipment

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

39.

Classify the item : Sales

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenues

e)

Expenses

40.

A liability has which of the following as a normal balance...

a)

Debit

b)

Credit

c)

Neither

41.

Capital in a business is always under the normal balance of being..

a)

Debited

b)

Credited

c)

Part of Owner Equity

d)

None of the above

42.

An asset account shows a

a)

Credit balance

b)

Debit balance

c)

Credit or debit balance

43.

Discount received has

a)

Debit balance

b)

Credit balance

c)

Both debit and credit balance

44.

Trial balance is a :

a)

(a) Statement

b)

(b) Account

c)

(c) Summary

d)

(d) Ledger

45.

Which item is shown as debit balance in trial balance

a)

Cash in hand

b)

Bank overdraft

c)

Rent outstanding

d)

Creditors

46.

Preparation of trial balance helps in

a)

Judging the financial position

b)

Locating errors of all type

c)

Preparation of final account

d)

None of these

47.

Which of the following is not an asset?

a)

Buildings

b)

Cash balance

c)

Debtors

d)

Loan from K Haris

48.

Which of the following is a liability?

a)

Machinery

b)

Creditors for goods

c)

Motor vehicles

d)

Cash at bank

49.

Which of the following best describes a trial balance ?

a)

shows the financial position of a business

b)

it is a special account

c)

shows all the entries in the books

d)

It is a list of balances on the books

50.

Amount which the proprietor has invested in a business is known as ......

a)

Capital

b)

Liability

c)

Asset

d)

Expenses

51.

Amount which the firm owes to outsiders is known as.....

a)

Capital

b)

Expenses

c)

Liability

d)

Asset

52.

Current Liabilities include:

a)

Bills Payable

b)

Creditors

c)

Outstanding Expenses

d)

All of the above

53.

Amount withdrawn by the owner for personal use......

a)

Capital

b)

Asset

c)

Drawings

d)

Liability

54.

Which of the following equation is correct.....

a)

Assets= Liabilities - Capital

b)

Liabilities= Assets - Capital

c)

Capital= Assets + Liabilities

d)

Assets= Capital- Liabilities

55.

The persons who still owe some amount to the business are termed as ..........

a)

Business men

b)

Creditors

c)

Debtors

d)

Liabilities

56.

The finnal accountas are divided into three parts: the trading account, the profit and loss account, and the appropriation account.

a)

TRUE

b)

FALSE

57.

problems would immediately arise if accounts were not kept.

a)

TRUE

b)

FALSE

58.

The profit and loss account shows the trading position of a business at the end of a specified accounting period.

a)

TRUE

b)

FALSE

59.

COGS (or cost of sales when referring to services) is workedout by the formula:

a)

= Opening stock + Purchases - Closing stock

b)

= Sales revenue - Cost of goods sold

60.

Trading account is prepared to

a)

Calculate gross profit

b)

Calculate profit for the year

c)

Calculate all the incomes and expenses

d)

Calculate all the assets and liabilities

61.

Income earned from normal business activities are

a)

Sales returns

b)

Purchases

c)

Revenue

d)

Purchases returns

62.

Carriage inwards is

a)

Added to purchases

b)

Subtracted from purchases

c)

Added to revenue

d)

Subtracted from revenue

63.

Purchases return occurs when

a)

Business sell goods to customers

b)

Customers return goods to the business

c)

Business return goods bought from suppliers

d)

Customers return goods sold by business

64.

The essence of a profit and loss account is to know the

a)

Cash at bank

b)

Gross profit

c)

Gross loss

d)

Net profit

65.

Final account includes

a)

Trial balance

b)

journal entries

c)

trading account ,profit and loss account and balance sheet

d)

ledger account

66.

Gross profit is calculated in

a)

balancesheet

b)

profit and loss account

c)

trading account

d)

ledger

67.
One of these statements about the profit and loss account is correct - which one?
a)
It helps measure the success of a business
b)
It shows the assets and liabilities at a point in time.
c)
It measures the net cash flow of a business
d)
It provides evidence about a firm's liquidity.
68.

Customers that buy goods from us on credit are referred to as __________.

a)

Debtors

b)

Creditors

c)

Customers

d)

None of the above

69.

Which document is prepared to show the company's Net Profit for the year?

a)

Cash Book

b)

profit and Loss account

c)

Statement of Financial Position

d)

Balance Sheet

70.

The value of goods a business has at the beginning of a trading period is ___

a)

Opening stock

b)

Closing stock

c)

Gross profit

d)

Net profit

71.

The acronym "DR" in Acounting means

a)

Debit

b)

Direct

c)

Director

d)

Doctor

72.

The value of goods a firm has at the close of a trading period is ___

a)

Opening stock

b)

Closing stock

c)

Debit

d)

Credit

73.

Return inward is the same as

a)

Credit

b)

Sales return

c)

Purchases return

d)

Carriage inward

74.

Cost of bringing goods to the business premises is known as

a)

Carriage inward

b)

Cost of goods

c)

Cost of goods sold

d)

Return

75.

Return outward is the same as

a)

Purchases return

b)

Sales return

c)

carriage inward

d)

Carriage outward

76.

A complaint that is not a clear violation of any policy or rule is known as a/an______

a)

unfriendly complaint

b)

unacceptable complaint

c)

unjustified complaint

d)

justified complaint

77.

____ complaint comes from people who think that a company did something wrong when they actually did not

a)

unjustified

b)

unacceptable

c)

justified

d)

unfriendly

78.

A statement that expresses unsatisfactory or unacceptable feedback is called a/an ___

a)

reputation

b)

allegation

c)

complaint

d)

damage

79.

Complaint can be divided into ___ and ___

a)

justified and unjustified

b)

public and private

c)

acceptable and unacceptabl

d)

friendly and unfriendly

80.

A complaint is usually a ___ letter

a)

informal letter

b)

formal letter

c)

friendly letter

d)

semi-formal letter

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