Cashflow, Pricing, Accounts, and Finance Quiz Question Title * 1. What is the MOST important reason to keep accounts? to find out your profit (or loss) to record your shareholders to calculate your assets (or liabilities) to summarise your transactions to record your transactions Question Title * 2. Which of the following is a business asset? an overdraft a VAT bill a PAYE bill stock in the warehouse a trade creditor Question Title * 3. Which of the following is a business liability? a trade debtor corporation tax a piece of machinery a trademark cash in the bank Question Title * 4. Which of the following is true of debt finance? you might arrange it quickly you can predict your costs you have to repay the money you keep control of your business all of the above Question Title * 5. Which of the following is true of equity finance? you might disagree with your investors you keep control of your own business your cashflow is negatively affected you pay less to get this sort of finance all of the above Question Title * 6. Which of the following is a true statement about your profit and loss account? it reports sources and changes of equity it reports changes in your cash between accounting periods it reports your financial position at a point in time it reports your financial performance for a period of time none of the above Question Title * 7. Which of the following is a true statement about your balance sheet? it reports changes in your cash between accounting periods it reports sources and changes of equity it reports your financial performance for a period of time it reports your financial position at a point in time none of the above Question Title * 8. Which of the following is a true statement about your cash flow statement? it reports your financial position at a point in time it reports sources and changes of equity it reports your financial performance for a period of time it reports changes in your cash between accounting periods none of the above Question Title * 9. Which of the following is NOT true? cost-plus pricing requires a thorough understanding of your costs cost-plus pricing is recommended by HMRC cost-plus pricing is one way to set your prices, but there are others cost-plus pricing is easy to understand cost-plus pricing determines the price by adding a markup Question Title * 10. Which of the following is true? value-based pricing is recommended by HMRC value-based pricing considers how much customers think your product is worth value-based pricing complicates your VAT returns value-based pricing offers discounts for bulk buys value-based pricing determines the price by adding a markup Done