FINANCE FOR BUSINESS
Quiz by Christine Blackstock
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65 questions
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- Q1What is the purpose of financial planning in business?To calculate employee salariesTo manage inventory levels in the businessTo establish financial goals and create strategies to achieve themTo prepare tax returns for the business30s
- Q2What is the difference between a fixed cost and a variable cost?Fixed costs represent indirect expenses, while variable costs represent direct expenses.Fixed costs change based on production or sales volume, while variable costs remain constant.Both fixed and variable costs change based on production or sales volume.Fixed costs remain constant regardless of production or sales volume, while variable costs change based on production or sales volume.30s
- Q3What is the formula to calculate Return on Investment (ROI)?ROI = (Gross Profit / Sales Revenue) x 100%ROI = (Net Income / Shareholder's Equity) x 100%ROI = (Operating Income / Total Assets) x 100%ROI = (Net Profit / Investment Cost) x 100%30s
- Q4What is the difference between gross profit and net profit?Gross profit is the difference between sales revenue and the cost of goods sold, while net profit is the remainder after deducting all expenses from gross profit.Gross profit represents the profit earned before taxes, while net profit represents the profit after taxes.Gross profit includes all revenue generated, while net profit only includes revenue from sales.Gross profit is the amount of profit retained by the business, while net profit is distributed to shareholders.30s
- Q5What is the concept of opportunity cost in finance?The cost of borrowing money from a bankThe value of the next best alternative foregone when making a decisionThe profit generated from a financial investmentThe expense incurred to purchase assets for the business30s
- Q6What is the purpose of a cash flow statement in financial analysis?To assess the value of a company's assets and liabilitiesTo track the inflow and outflow of cash in a company over a specific periodTo calculate the profitability of a companyTo measure the overall financial performance of a company30s
- Q7Which of the following is a fixed cost in a business?RentAdvertisingRaw materialsEmployee wages30s
- Q8What is an example of a variable cost in a business?RentCost of materialsUtilitiesInsurance30s
- Q9Which of the following is an example of an overhead cost in a business?DepreciationRaw materialsShipping costsSalary30s
- Q10What is a direct cost in a business?InsuranceCost of laborAdvertisingRent30s
- Q11Which of the following is an example of an indirect cost in a business?Cost of goods soldAdministrative expensesEmployee benefitsRaw materials30s
- Q12What is the definition of variable costs in a business?Costs incurred for promotional activitiesCosts associated with equipment maintenanceCosts that remain constant regardless of production or salesCosts that change proportionally with the level of production or sales30s
- Q13Which of the following is an example of a semi-variable cost in a business?UtilitiesRentEmployee wagesOffice supplies30s
- Q14What is the definition of opportunity cost in a business?The cost of raw materialsThe cost of advertisingThe value of the next best alternative that is forgone by choosing one option over anotherThe cost of employee wages30s
- Q15What is the definition of fixed costs in a business?Costs incurred for promotional activitiesCosts that remain constant regardless of production or salesCosts associated with equipment maintenanceCosts that change proportionally with the level of production or sales30s