WorksheetsIntro to Accounting Quizizz
Total questions: 24
Worksheet time: 12mins
What is the primary purpose of accounting in a business?
To hire employees
To keep track of all financial transactions
To create advertisements
To purchase inventory only
What does a business record as "sales revenue"?
Money spent on inventory
Money spent on wages
Money received from customers who buy goods or services
Money spent on advertising
What is a sole trader?
A) A type of partnership
B) A business owned by multiple people
C) A business owned and managed by one person
D) A government-owned company
What is another term for the money invested in a sole trader business?
A) Debt
B) Liability
C) Equity/Capital
D) Expense
Which of the following is an advantage of being a sole trader?
A) Unlimited liability
B) Need to work long hours
C) Complete control over decisions
D) Difficulty in getting money for expansion
What is a major disadvantage of being a sole trader?
A) Easy setup
B) Unlimited liability
C) Keeping all the profits
D) Being the boss
What is the term used to describe the money that a sole trader invests in their business when setting it up?
Debt
Loan
Equity
Grant
Which of the following is NOT a source of funding mentioned for starting up as a sole trader?
Own Savings
Borrowing from Family and Friends
Busking
Bank Loan
What is a characteristic of money borrowed from family and friends to start a business as a sole trader?
High interest rates
No rush to pay back and unlikely to have interest charged
Requires collateral
Must be repaid in monthly installments
Which payment method is NOT listed as a way for customers to pay for goods or services in a sole trader business?
Cash
Cheque
Bitcoin
PayPal
What is required for a bank transfer to be processed?
A) A debit card and a PIN number
B) A cheque and a bank account
C) Sort code, account number, and recipient's name
D) A minimum payment amount
Which payment method does not incur transaction fees?
A) Credit Card
B) Cheque
C) Bank Transfer
D) Cash
What is the maximum amount for a contactless payment with a debit card before requiring a PIN?
A) £50
B) £100
C) £200
D) £150
How are debit cards and credit cards different in terms of account linkage?
A) Both are directly linked to a bank account
B) Debit cards are linked to a bank account, while credit cards are not
C) Credit cards are linked to a bank account, while debit cards are not
D) Neither card is linked to a bank account
What happens if the full amount is not paid on a credit card by the due date?
A) The account is closed
B) High interest is charged on the remaining amount
C) There are no consequences
D) The credit limit is increased
What is a standing order in the context of banking?
A request to stop a payment
An instruction to pay a fixed amount at regular intervals
A one-time payment authorization
A form to dispute a transaction
Who controls the payments in a direct debit arrangement?
The bank receiving the payment
The individual making the payment
The organization receiving the payment
An independent financial advisor
What is a digital wallet?
A physical wallet that holds digital currencies
A software that allows storing and managing cryptocurrency
An app linked to bank accounts for managing various forms of payments
A type of bank account for online transactions only
Which of the following is an example of a digital wallet?
PayPal
Apple/Google Pay
Direct Debit
Standing Order
How can PayPal be used in online transactions?
To receive and send emails
To browse different websites
To send and receive money globally
To create digital art
What is the primary purpose of a bank statement?
To provide a summary of a business's transactions for a specific period.
To report the profits of a business annually.
To list the employees of a business.
To advertise new bank services.
How can bank statements be accessed according to the text?
Only through postal mail.
Only in person at the bank.
Either posted by the bank or online.
Only through telephone banking.
What does digital banking combine according to the text?
Internet and manual record-keeping.
Traditional banking and the Internet.
Mobile apps and postal services.
Traditional banking and telephone calls.
Where can digital banking services be accessed?
Only through mobile apps.
Only on a secure website.
Either on a website or a mobile app.
At a local bank branch.
