LAB Revision Questions

State four types of financial documents businesses use

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Outline the purpose of the following documents: invoice, delivery note, statement of account.

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Outline one reason why it is important that these documents are completed accurately.

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State four types of payment methods.

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Identify which of the following are start up and running costs: machinery, electricity, premises purchase, broadband charges, raw materials, business rates, equipment, van

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Give the formula for how to calculate turnover (net sales)

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Based on Business A producing 300 coffees in Year 1, calculate the average selling price.

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Calculate the Gross Profit of both businesses in both years.

Business A Year 1 and 2

Business B year 1 and 2

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Calculate the Net Profit of both businesses in both years

Business A Year 1 and 2

Business B year 1 and 2

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Using the Statement of Financial Position, calculate the total assets and liabilities of the business.

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