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Quick Finance Quiz

Quiz by Anne Williams

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10 questions
Show answers
  • Q1
    What are start-up costs?
    Costs incurred when setting up a business.
    Costs incurred during product sales.
    Daily expenses for running a business.
    Monthly salary expenses of employees.
    30s
  • Q2
    Which of the following is a fixed cost?
    Rent for the office space.
    Sales commissions paid to employees.
    Cost of raw materials for production.
    Utility bills that vary each month.
    30s
  • Q3
    What is the formula to calculate total costs?
    Total Revenue - Total Costs = Profit
    Fixed costs + Variable costs = Total costs.
    Revenue - Expenditure = Profit
    Fixed Costs - Variable Costs = Total Costs
    30s
  • Q4
    What defines a 'profit' in a business context?
    Expenditure is more than revenue.
    Revenue is more than expenditure.
    Costs are equal to profits.
    Revenue equals expenditure.
    30s
  • Q5
    What does a break-even point signify?
    A point of maximum loss.
    A point of maximum profit.
    The point when costs exceed revenue.
    The point where revenue equals total costs.
    30s
  • Q6
    What is the purpose of cash flow forecasting?
    To identify the inflows and outflows of cash over time.
    To assess the value of fixed assets.
    To calculate the break-even point.
    To determine the monthly profit levels.
    30s
  • Q7
    What are overheads in a business?
    One-time investments made by a business.
    Costs associated with marketing campaigns.
    Costs related to purchasing inventory.
    Everyday running costs of a business.
    30s
  • Q8
    What is the key difference between gross profit and net profit?
    Gross profit is calculated before taxes, net profit is after.
    Gross profit includes all business income, net profit excludes none.
    Gross profit is only for service businesses, net profit is for all.
    Gross profit is revenue after cost of sales, while net profit is after all costs.
    30s
  • Q9
    What is the role of budgeting in business?
    To analyze customer satisfaction.
    To calculate the total profit earned.
    To determine the price of products/services.
    To set expenditure and revenue budgets.
    30s
  • Q10
    Why is it important for businesses to know their cash inflows and outflows?
    It is critical for branding and marketing strategies.
    It helps determine their financial health and planning.
    It allows them to increase their product prices.
    It enables them to predict market trends.
    30s

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