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Finance

Total questions: 54

Worksheet time: 26mins

Name
Class
Date
1.
A card that borrows money but it has to be paid back
a)
Debit Card 
b)
Credit Card 
c)
Baseball Card 
d)
Pokemon Card 
2.
A card that uses money directly from your bank account
a)
Debit Card 
b)
Credit Card 
c)
Pokemon Card 
d)
Baseball Card 
3.
An agreement between a borrower and a lender, where the borrower agrees to repay money with interest over time.
a)
Loan 
b)
Interest 
c)
Income 
d)
Deposit  
4.
A mortgage is used for ...
a)
Buying a new machine
b)
Buying a new vehicle
c)
Buying land or premises
d)
Paying staff wages
5.
money that you make from your job
a)
interest
b)
occupation
c)
wage
d)
income
6.
hourly rate that you get paid
a)
wage
b)
income
c)
salary
d)
register
7.
yearly amount that you get paid
a)
interest
b)
wage
c)
salary
d)
saving
8.
If you borrow money from a bank, you have to...
a)
pay the amount you borrow back
b)
pay interest back
c)
have a time limit to use it
d)
all options are correct.
9.

Complete record of your borrowing and repayment performance.

a)

Personal info

b)

Personal history

c)

Credit history

d)

Credit info

10.

Why have we started to look at the Business Finance ?

a)

Because we just need to know how to use a spreadsheet

b)

Because we have an module and exam starting in September

c)

Because Marc likes to make us work hard!

d)

Because there is nothing more fun !!

11.

Why is it important for a business to have Public Liability Insurance

a)

Incase their is a fire or a flood

b)

In case you get broken into

c)

Incase you are sued by a customer or contractor

d)

To make sure all your customers are safe and happy

12.
What is an advantage of a bank loan?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They are quick and easy to arrange
d)
You don't have to pay it back
13.
What is an advantage of an overdraft?
a)
There is never interest
b)
You can pay in smaller installments
c)
They are quick and easy to arrange
d)
You don't have to pay it back
14.

What is an advantage of a business using owner's capital as a source of finance?

a)

Very low rate of interest

b)

It will bring new skills to the business

c)

It doesn't need repaying

d)

Repayment is always spread over a period time

15.

What is an advantage of a bank loan?

a)

There will be little or no interest

b)

You can pay in pre-planned instalments

c)

They are quick and easy to arrange

d)

You don't have to pay it back

16.

What is the most likely of a friends & family loan?

a)

There will be little or no interest

b)

You can pay in smaller installments

c)

They take a long time to arrange

d)

You don't have to pay it back

17.
What is a disadvantage of a friends and family loan?
a)
It means you have no savings
b)
It can lead to personal conflicts
c)
It can take a long time to arrange
d)
They can be recalled immediately
18.
Is the price a business asks a customer  to pay for a single product.  
a)
Price
b)
Sales
c)
Revenue
d)
Costs
19.
Is the income that a business receives from selling its goods or services.
a)
Price
b)
Sales
c)
Revenue
d)
Costs
20.
Is the spending that is necessary to set up and run a  business.  
a)
Price
b)
Sales
c)
Revenue
d)
Costs
21.
Is the amount of money a business has left over after  subtracting its costs from its revenue.
a)
Profit
b)
Loss
22.
What is start up capital?
a)
Finance needed before starting trading.
b)
Finance paid after trading.
c)
Finance paid to banks.
23.
Profit is important to businesses because:
a)
it improves businesses, cash balances
b)
it can be used to measure business size
c)
it is a measure of businesses, success
d)
businesses need to pay taxes to the government
24.
Profit is important to businesses because:
a)
it improves businesses, cash balances
b)
it can be used to measure business size
c)
it is a measure of businesses, success
d)
businesses need to pay taxes to the government
25.
What is capital expenditure?
a)
Money spent for fixed assets which last about 6 months.
b)
Money spent for fixed assets which last about for more than a year.
c)
Money spent on a day-to-day basis.
d)
Money spent per hour rate.
26.

A person who is not necessarily the owner of the business but has a stake on how the business is performing is called __________.

a)

stakeholder

b)

stockholder

c)

partners

d)

manager

27.
Which one is not included in the Break Even formula?
a)
variable costs per unit
b)
total fixed costs
c)
selling price per unit
d)
cost price per unit
28.
What does break even point show?
a)
where a business is neither making a profit or loss
b)
how many items to make
c)
how much profit they're making
d)
where a business has more fixed costs than variable
29.
Which one is an example of a fixed cost?
a)
resources
b)
materials
c)
temporary wages
d)
rates
30.
Define variable costs.
a)
costs only related to making the product
b)
overhead costs
c)
combined costs
d)
costs that include marketing
31.

A Profit and Loss Account summarises a business's

a)

stock and raw materials

b)

highs and lows

c)

pros and cons

d)

revenues and costs

32.

What is another name for a business' sales revenue?

a)

Sales

b)

Costs

c)

Sales turnover, turnover or revenue

d)

Profit and Loss

33.

What is the name of the financial document?

a)

Cash Budget

b)

Statement of Financial Position

c)

Profit Statement

d)

Income Statement

34.

A payslip is

a)

A document from your bank showing money in and payments taken from your bank account over a period of time

b)

A document from your bank showing your wages being paid into your account

c)

A document from your employer detailing pay earned and deductions taken over a period of time

d)

Your own summary of your wages

35.

Interest is

a)

An additional amount added to the cost of borrowing

b)

An amount you pay to the government

c)

An extra amount added to your wages

d)

A bank charge

36.

Which of the following is NOT an advantage of online banking?

a)

It makes it easier to track spending

b)

It means you can access your money 24 hours a day

c)

You must remember your username and password

d)

It means you can access your money from the convenience of your own home

37.

A Standing Order is

a)

Different amounts are collected from your bank account each month to pay a bill

b)

When you use your debit card to pay for something in a shop

c)

The same amount is collected from your bank account each month to pay a bill

d)

A charge made by your bank

38.

Where can hire purchasing be used

a)

Machinery

b)

Equipment

c)

Company car

d)

All of above

39.

Finance functions are...

a)

Planning for funds

b)

Raising funds

c)

Allocation of funds

d)

All the above

40.

Profit & Loss statement is a report of the revenue, expenses and net income or net loss over an accounting period

a)

True

b)

False

41.

Liabilities are property and other items of value owned by a business

a)

True

b)

False

42.

Buildings, office equipment and land are all

a)

Liabilities

b)

Assets

c)

Expenses

d)

Deductions

43.

A business balance sheet lists

a)

Assets and liabilities

b)

Assets and profits

c)

Profits and liabilities

d)

Assets and credit

44.

The term used to describe money gained after a sale

a)

Cost price

b)

Selling price

c)

Profit

d)

Loss

45.

The amount of cash moving into and out of a business

a)

Cash flow

b)

Net worth

c)

Profit

d)

Loss

46.

Budgeting is crucial to your financial success

a)

True

b)

False

47.

Creditors are owed money by the business

a)

True

b)

False

48.

Debtors owe money to the business

a)

True

b)

False

49.

Find the missing Balance

a)

£129.62

b)

£62.52

c)

£119.12

d)

£153.42

50.

Find the missing Debit

a)

£30.40

b)

£95.32

c)

£22.40

d)

£117.72

51.

Which of these means money going into a bank account?

a)

Credit

b)

Debit

c)

Balance

52.

Which of these means the amount of money currently in a bank account?

a)

Credit

b)

Debit

c)

Balance

53.

Which of these means money going out of a bank account?

a)

Credit

b)

Debit

c)

Balance

54.

Which of the following is a essential need?

a)

Food

b)

Designer trainers

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