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WorksheetsFinance Unbox-ED (INR) - Grade 6-8 - Session 059 - Assessment 16
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Select all the statements that are true about fixed assets
a)
Fixed assets have a useful life of more than one year
b)
Fixed assets are not purchased for resale
c)
Fixed assets are not used in the day-to-day operations of the business
d)
Fixed assets can be tangible assets or intangible assets
2.
Except for land most tangible fixed assets lose value or depreciate over time due to wear and tear as we use them
a)
True
b)
False
3.
Select the statement that is true
a)
Depreciation is the amount by which the value of a intangible fixed asset goes down
b)
Amortization is the amount by which the value of a tangible fixed asset goes down
c)
Both of the above
d)
None of the above
4.
Both depreciation and amortization are an expense
a)
True
b)
False
5.
Select the statement that is true
a)
Current assets are expected to be sold or converted into cash in less than one year
b)
Current assets are highly liquid assets which in finance means they can be easily sold or converted into cash
c)
Both of the above
d)
None of the above
6.
Select all the examples of current assets
a)
Machines
b)
Receivables
c)
Inventories
d)
Payables
7.
Current liabilities refers to all the payments that a business needs to make within the next one year
a)
True
b)
False
8.
Select the correct formula for Working Capital
a)
Working Capital = Current Liabilities - Current Assets
b)
Working Capital = Current Assets - Current Liabilities
c)
Working Capital = Receivables - Inventories
d)
Working Capital = Receivables - Inventories - Payables
9.
EBITDA is Earnings Before Interest, Taxes, Depreciation and Amortization
a)
True
b)
False
10.
Select all the statements that are true
a)
Income statement shows how much money the business made i.e. Sales or Income
b)
Income statement shows how much money the business spent i.e. Expenses
c)
Income statement is important as it tells us if the business made a profit or had a loss
d)
All of the above
11.
Select all the statements that are true about equity
a)
Equity refers to the money in the business that belongs to the owners
b)
Equity could be owners contribution i.e. money invested by owners
c)
Equity could profit retention i.e. profits reinvested in the business
d)
All of the above
12.
Equity of a business includes dividends i.e. profits distributed to the owners
a)
True
b)
False
13.
Statement of changes in equity shows us how equity (i.e. the money that belongs to the owners of the business) changes over a specific period
a)
True
b)
False
14.
Statement of changes in equity is important because
a)
It tells us whether the owners invested more of their own money into the business during a specific period
b)
it tells us how profits are being used i.e. reinvested in the business or given out as dividends to the owners
c)
Both of the above
d)
None of the above
15.
Closing Equity = Opening Equity + Owner's Contribution - Profit After Taxes + Dividends
a)
True
b)
False
16.
Balance sheet shows at a specific point in time the assets, liabilities and equity of the business
a)
True
b)
False
17.
In a balance sheet the assets owned by the business are split across fixed assets, current assets and bank balance
a)
True
b)
False
18.
In a balance sheet the liabilities owed by the business to third parties are split across non-current liabilities and current liabilities
a)
True
b)
False
19.
Current liabilities are liabilities which are due or payable by the business after one year
a)
True
b)
False
20.
Non-current liabilities are liabilities which are due or payable by the business within one year
a)
True
b)
False
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