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Year 9 Financial reports

Total questions: 60

Worksheet time: 44mins

Name
Class
Date
1.
How many fortnights in a year?
a)
365
b)
52
c)
26
d)
12
2.
A word to describe yearly.
a)
annual
b)
monthly
c)
half-yearly
d)
fornightly
3.
This is paid to the Government once a person's income passes a set amount. 
a)
Fees
b)
Wages
c)
Tax
d)
Salary
4.
Earnings paid to an employee based on an hourly rate. 
a)
Commission
b)
Wages
c)
Salary
d)
Deductions
5.
Earnings of a salesperson based on the percentage of goods or services sold.
a)
Salary
b)
Wages
c)
Commission
d)
Deductions
6.
An employee's fixed agreed yearly income. 
a)
Salary
b)
Deductions
c)
Wages
d)
Commission
7.
Total money you earn before taxes and other deductions.
a)
Salary
b)
Net income
c)
Gross income
d)
Wages
8.
Amounts of money taken from income before you are paid.
a)
Commission
b)
Retainer
c)
Deductions
d)
Rate
9.
The amount of money you actually receive after the deductions are taken from your gross income.
a)
Net income
b)
Deductions
c)
Wages
d)
Tax
10.
______is a financial statement that reports a business's assets, liabilities, and capital on a specific date.
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of the Above
11.
______is a financial statement that reports a business's assets, liabilities, and capital on a specific date.
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of the Above
12.
_______are anything of value owned, such as cash and buildings.
a)
Liabilities
b)
Assets
c)
Income Statement
d)
None of the Above
13.
____are claims against assets, (debts)
a)
capital
b)
assets
c)
liabilities
d)
none of the above
14.
The accounting equation is expressed as:
a)
None of the Above
b)
Assets=Liabilities-Owner's Equity
c)
Balance Sheet
d)
Assets=Liabilities + Owner's Equity
15.
The amount the customers owe the business is an asset called:
a)
Accounts Receivable
b)
Accounts Payable
c)
Fixed Assets
d)
None of the Above
16.
_____________under Liabilities on the balance sheet is the amount the company's owes for purchases it made on credit.
a)
None  of the above
b)
Capital
c)
Accounts Receivable
d)
Accounts Payable
17.
Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.
a)
True
b)
False
c)
Neither
d)
Who cares!
18.
______is a financial statement that reports information about a company's revenues and expenses for a specific period.
a)
Income Statement
b)
Balance Sheet
c)
Statement of Cash Flows
d)
None of the Above
19.
_______is the difference between total revenue and total expenses.
a)
Just Revenue
b)
Just Profit
c)
Profit or Loss
d)
"I don't know anything about that"
20.
________is the movement of cash into and out of a business.
a)
Cash Flow
b)
Balance Sheet
c)
Income Statement
d)
Tim Hall for President
21.
________is the difference between current assets and current liabilities
a)
Working Capital
b)
Washington D.C. is our nation's capital
c)
Capital One Credit Card
d)
"What's in your wallet"
22.
What is your favorite class at UHS?
a)
Math
b)
Gym
c)
AP Environmental Science
d)
None of the Above
23.

The income statement is prepared every year and shows ....

a)

Sales and profit for the year

b)

Cash in and out

c)

Break even point

d)

Assets and liabilities

24.

What is the name given to the income from all the sales?

a)

Expenses

b)

Sales Revenue

c)

Total Sales

d)

Purchases

25.

The business will have a lot of expenses throughout the year. Which of the following is NOT an expense?

a)

Sales

b)

Advertising

c)

Heat and Light

d)

Salaries

26.

HMRC (Inland Revenue) calculate the amount of tax a business has to pay by looking at ...

a)

Sales Revenue

b)

Expenses

c)

Cost of Sales

d)

Profit for the Year (Net Profit)

27.

The GROSS PROFIT is calculated by

a)

Sales Revenue - Expenses

b)

Sales Revenue - Purchases (Cost of Sales)

c)

Gross Profit - Expenses

d)

Sales Revenue + Costs

28.

Why is a spreadsheet is useful for preparing the Income Statement?

a)

It looks nice

b)

It can perform calculations

c)

To make things more complicated

d)

You can do charts

29.

How is the Profit for the Year (Net Profit) calculated?

a)

Sales Revenue - Cost of Sales

b)

Sales Revenue - Expenses

c)

Gross Profit + Sales

d)

Gross Profit - Expenses

30.

Why would employees be interested in the Income Statement?

a)

To see if they can ask for a wage rise if profits are good

b)

They want to be sure their employer is paying tax

c)

Because they want their boss to get a bonus

d)

They need something to read to help them fall asleep

31.

How can the business improve their Profit for the Year (Net Profit) figure? SELECT TWO

a)

Increase sales

b)

Increase expense of heat and light

c)

Reduce expenses

d)

Decrease selling price

32.
A balance sheet can be prepared for any date or period of time?
a)
True
b)
False
33.
A balance sheet has four sections:  1)heading 2)assets 3) liabilities and 4)
a)
credits
b)
debits
c)
owner's equity
34.
On a balance sheet, if total assets are $15,000 and Total Liabilities are $10,000.  Owner's Equity will equal:
a)
5,000
b)
25,000
c)
7,500I
35.
If Liabilities are more than the Assets, the Business's financial condition is not strong.
a)
True
b)
False
36.
A = 100
OE = 20
L = ?
a)
120
b)
80
c)
40
d)
5
37.
A = ?
OE = 20
L = 90
a)
70
b)
110
c)
100
d)
180
38.

Which one is not belongs to liability?

a)

Mobile Phone Bill

b)

Bank Loan

c)

Bank Balance

d)

Owed To Friends

39.

Property owned by the business is under which title

a)

Liability

b)

Asset

c)

Owner's Equity

d)

Net Worth

40.

Debts and financial obligations (responsibilities).

a)

Liabilities

b)

Assets

c)

Negative Net Worth

d)

Property

41.
Which of the following is considered an asset?
a)
Bank Loan
b)
Mortgage
c)
Debit Card
d)
Savings account
42.
Which of the following is considered a liability?
a)
Savings Account
b)
Mortgage
c)
Savings bond
d)
Coin Collection
43.
The table below shows Claude's assets and liabilities.  What is the total value of his assets?
a)
$24,950
b)
$25,420
c)
-$24,950
d)
$50,370
44.

The table below shows Claude's assets and liabilities. What is the total value of his liabilities?

a)

$24,950

b)

-$24,520

c)

$25,420

d)

$50,370

45.

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

46.

Mr.W has current assets of $500 and total assets of $1500. ABC has current liabilities of $300 and total liabilities of $800. What is the amount of ABC's owner's equity

a)

200

b)

700

c)

900

d)

800

47.

Which of the following is not categorised as Current Asset in a Balance Sheet?

a)

Inventories

b)

Bank Balances

c)

Plants and Machinery

d)

Trade Debtors

48.

Equity is

a)

amount of finance provided by owners of the business and earnings

b)

amount of finance provided by the creditors

c)

amount of finance provided by the banks

d)

amount of finance provided by the inital owners

49.
What period of time does a balance sheet cover?
a)
One quarter
b)
One moment in time
c)
One year
d)
One tax year
50.
Which of these is a liability?
a)
Cash in bank
b)
Money owed to other business (creditors)
c)
Stock
d)
Machinery
51.
What is the classification of "cash?" 
a)
Liability
b)
Owner's Equity
c)
Asset
d)
Revenue
52.
What is the classification of Accounts Payable--Staples?
a)
Asset
b)
Liability
c)
Owner's Equity
d)
Expense
53.
What is the classification of the owner's capital account?
a)
Revenue
b)
Expense
c)
Owner's Equity
d)
Asset
54.
What is the classification of the owner's drawing account?
a)
Revenue
b)
Expense
c)
Owner's Equity
d)
Liability
55.
What is the classification of Rent Expense?
a)
Revenue
b)
Expense
c)
Asset
d)
Liability
56.
What is the classification of Sales?
a)
Revenue
b)
Expense
c)
Asset
d)
Liability
57.

What is the classification of Accounts Receivable?

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenue

e)

Expense

58.

What is the classification of Guide Fees?

a)

Assests

b)

Liabilities

c)

Owner's Equity

d)

Revenue

e)

Expense

59.

What is the classification of Utilities Expense?

a)

Assets

b)

Liabilities

c)

Owner's Equity

d)

Revenue

e)

Expense

60.

What is the classification of Store Equipment?

a)

Assets

b)

Liaibilities

c)

Owner's Equity

d)

Revenue

e)

Expenses

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