N5 Accounting - Sources of Finance

N5 Accounting - Sources of Finance

12th Grade

15 Qs

quiz-placeholder

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N5 Accounting - Sources of Finance

N5 Accounting - Sources of Finance

Assessment

Quiz

Other

12th Grade

Hard

Created by

Chantelle Scott

Used 12+ times

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15 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Media Image

Which answers below are advantages of being a sole trader?

As a sole trader the firm have more assets to secure a loan on

The owner keeps all the rewards of their efforts - i.e. profits

The sole trader can take quick decisions without having to refer to anyone else

The owner has limited liability

The business can be set up without much need for paper work or legal documents

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Media Image

Which answers below are disadvantages of being a sole trader?

As a sole trader the firm have less assets to secure a loan on

The owner cannot keep all the rewards of their efforts - i.e. profits

The sole trader cannot easily share the burden of work and may not have all the expertise requried

The owner has limited liability and is personally responsible for all debts

The business can be set up without much need for paper work or legal documents

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The proper term for the funds invested into a new sole trader firm by the owner is called ...

Equality

Equity

Capital

Investment

Cash inflow

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the name for a large amount of money borrowed from a bank to pay for property/premises?
Overdraft
Loan
Mortgage
Debt

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
Grants - which statement is false?
Grants are only given out if criteria has been met
Grants do not need to be repaid
Grants only have a low rate of interest applied
Grants are mainly issued by local and national Government and the EU

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
What name is given to the monthly amount of money paid back after a bank loan has been taken out?
Deposit
Withdrawal
Instalment
Standing order

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image
What source of finance involves paying a deposit for an asset then making monthly payments, after which you own the asset outright.
Leasing
Renting
Hire purchase
Savings

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