Understanding Financial Statements and Stakeholders

Understanding Financial Statements and Stakeholders

10th Grade

15 Qs

quiz-placeholder

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Understanding Financial Statements and Stakeholders

Understanding Financial Statements and Stakeholders

Assessment

Quiz

Business

10th Grade

Medium

Created by

Shona Walker

Used 4+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a profit and loss account (statement of comprehensive income) show?

The financial position of an enterprise at a point in time

The profit or loss of an enterprise over time

The cash flow of an enterprise

The equity of an enterprise

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a component of the profit and loss account?

Revenue

Fixed assets

Gross profit

Expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating gross profit?

Revenue - Cost of Sales

Revenue - Expenses

Net Profit - Expenses

Cost of Sales + Expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement shows the financial performance of an enterprise at a point in time?

Profit and loss account

Balance sheet

Cash flow statement

Statement of changes in equity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are current assets?

Assets that are expected to be used or converted into cash within one year

Assets that are expected to be used or converted into cash after one year

Assets that are intangible

Assets that are depreciated over time

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered a non-current liability?

Accounts payable

Bank loan due in 5 years

Inventory

Cash at bank

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is working capital?

Fixed assets minus current liabilities

Current assets minus current liabilities

Total assets minus total liabilities

Equity minus liabilities

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