WorksheetsYEAR 3 REVIISON
Total questions: 35
Worksheet time: 29mins
A record of a business's financial transactions is ...
petty cash
a fund ledger
a line graph
_____ ____ is reserved for small, office-related expenditures.
(a)
A (a) loan — also called a secured loan — is backed by something you own.
Short- and long-term debt, acconuts payable and salaries are...
assets
liabilities
Things of value not easily converted to cash are...
fixed assets
intangibles
liabilities
A document showing a company's finances (assets and liabilities) is called...
Statement of Financial Position
Balance Sheet
Cashflow Statement
Income Statement
The amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum) is called ...
(a)
Deciding how much something is worth in finance is called ...
(a)
The historical cost of an asset at the time it is acquired or created is the value of the costs incurred in acquiring or creating the asset, comprising the consideration paid to acquire or create the asset plus transaction costs.
True
False
Some countries with regular high inflation, e.g. in South America, use replacement cost accounting.
True
False
The ____-__________ accounting principle states that financial reporting must include all significant information.
(a)
One of the accounting principles is the principle of subjectivity.
True
False
A policy by which a government does not discriminate against imports or interfere with exports by applying tariffs (to imports) or subsidies (to exports) is called ...
(a)
The comparative cost principle is that countries should produce whatever they can make the most cheaply.
True
False
A positive balance of trade is also called a trade ...
surplus
deficit
export
import
Mr. Trump has imposed a lot of trade (a) on China.
WTO is ...
World Trade Optimisation
World Trade Organisation
World Tour Organisation
There are five main categories of real estate: residential, commercial, industrial, raw
lands, and special (a) .
If you invest in rental properties, you become a landlord.
True
False
The two primary approaches to flipping a property are...
Hold and resell
Repair and update
Hold and donate
Update and let out
RELP is...
Restriction fragment length polymorphism
Real estate mutual fund
Real estate limited partnership
Most conventional mortgages require a 20% down payment.
True
False
Land is not a current asset.
True
False
In economics and political economy, there are three broad forms of property: private
property, public property and (a) property (also called cooperative property).
To be successful, entrepreneurs must...
be involved in a variety of businesses
always work hard
provide something that's needed
trust other people to do things
be cautious when investing money
Explain 'red tape'.
Explain 'aversion to risk'.
Chose: a risk or an uncertainty?
1. Employees go on a strike.
Risk
Uncertainty
Chose: a risk or an uncertainty?
2. There is a fire in your warehouse.
Risk
Uncertainty
Chose: a risk or an uncertainty?
3. There is an economic recession.
Risk
Uncertainty
(a) is the act of behaving like an entrepreneur while working within a large organization.
Opting for one choice and compromising the other is called a ...
(a)
Monetary or non-monetary opportunity cost?
Workers feel more confident in their work.
Monetary opportunity cost
Non-moneraty opportunity cost
Monetary or non-monetary opportunity cost?
Overwork and disappointed children of the entrepreneur.
Monetary opportunity cost
Non-moneraty opportunity cost
Tick all the contents of a business plan.
